Company Profiles
JTC's Rapid Growth Shows Global Platform Allure

We speak to the firm, which operates worldwide, about its recent results, growth strategy and the demand for fund, corporate and private client services.
JTC, a global provider of
fund, corporate and private client services, recently announced
another strong set of results (13 September 2022) with revenue
growth of 38.8 per cent reaching £93 million ($103.9 million) for
the six months to 30 June from a year earlier.
The rise in revenue was attributed to “continued strong net
organic growth” of 9.5 per cent and inorganic growth of 29.3 per
cent. And the firm also chalked up underlying profit (earnings
before interest, taxation, depreciation and amortisation) of
£30.7 million, rising 40.1 per cent from a year ago.
Figures such as this explain why the business is in a confident
mood, arguing that a volatile financial and geopolitical
background is no barrier to success. David Vieira, chief
communications officer, recently spoke to this news service about
its performance and prospects.
He said that the fund, corporate services and private client
space is continuing to consolidate – in spite
of how fragmented the existing industry is due to the
pressures of compliance and rising client expectations, he
said.
“People now demand a global platform,” Vieira said, noting that
20 years ago, service providers tended to be scattered among a
range of jurisdictions. “People are bringing together businesses
to create global platforms,” he said.
“By revenues and earnings, we are on track to double the size of
the business from where we ended 2020 in only three to four
years,” Vieira said.
The firm, which has a well-established EBIDTA margin target of 33
to 38 per cent, aims to generate annual net organic revenue
growth of between 8 to 10 per cent.
JTC was part-owned by private equity firm CBPE from 2012 to 2018,
giving the business the financial resources to expand and build
its global presence and market offering. “We could see that
consolidation was gathering pace and, if it was going to be a
case of eat or be eaten, we wanted to remain in control of our
own destiny… private equity took a 40 per cent stake, which for
us was the perfect balance at the time.”
Since 2010, JTC has inked a total of 25 deals, completing around
three to four deals per annum, although in 2021, it completed a
record seven deals, with three of those being in the fast-growing
US market.
Shared ownership structure
JTC’s shared ownership culture – all employees are owners of the
business – is important in aligning incentives and has been in
place since 1998, Vieira said.
“This is a people and relationship business that is enabled by
best-in-class technology. We are 100 per cent committed to shared
ownership for all our people and have a real belief in our
meritocratic approach to progression and the opportunity for our
people to enjoy a long career with JTC based on lifelong
learning.”
Among recent developments, JTC appointed former Bank of
America Merrill Lynch figure Charles-Henry Courtois as regional
head – AMEA within its Private Client Services
division. (“AMEA” stands for Asia, the Middle East and
Africa.)