London-listed global professional services business JTC strengthens its alternative asset management business.

JTC announced on Friday that it has agreed to acquire Blackheath Capital Management, a boutique asset management business based in the UK.

Blackheath, which has been regulated by the UK Financial Conduct Authority (FCA) since 2011. provides management and regulatory oversight services to investment funds and management company (ManCo) services as an alternative investment fund manager (AIFM). It also enables firms to provide advisory and arranges services to professional investors under its supervision..

The transaction is expected to complete in the first quarter of 2024, subject to closing conditions and final regulatory approvals.

JTC said the acquisition will enhance its existing global alternative investment fund manager solutions businesses in Ireland, Luxembourg and Guernsey, enabling it to provide ManCo services for UK domiciled funds. The addition of a ManCo solution, alongside JTC’s existing UK fund administration, corporate and depositary (INDOS Financial) services, will allow JTC to provide a full service offering to firms wanting to launch, market, and manage UK alternative investment funds. 

The existing partners of Blackheath, Stephane Carty and Simon Monson, will remain with the business and will join the JTC AIFM solutions business within the institutional client services (ICS) division, led by Dean Blackburn. 

"The acquisition of Blackheath will strengthen our existing global AIFM solutions business in the important UK alternative asset management market. The business has excellent alignment with our existing fund administration and depositary businesses in the UK and Europe," Nigel Le Quesne (pictured), CEO of JTC, said.

"Having formed the business in 2010 and developed a successful UK AIFM business, now is the right time to partner with a firm to support our future growth,” Carty added. “We have known the team at JTC for several years and their strong record and expertise in AIFM, corporate governance and fund services will enable us to accelerate our growth, as well as benefit our clients through access to a wider range of expertise and complementary services,” Carty added.