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JTC acquires Sanne’s private client business

by Alice Murray 16 March 2020

JTC has purchased Sanne’s private client services (PCS) division.

The deal is capped at a maximum of £12m, to be paid in cash on completion. JTC expects the transaction to result in the transfer of clients representing revenue of up to £5.3m for the year ended 31 December 2019.

Sanne’s PCS provides corporate services to HNW and UHNW individuals and families in more than 100 countries. The sale of the division includes the transfer of its clients as well as its Jersey-based staff. They will move to JTC’s headquarters in Jersey.

According to a statement, the sale was driven by Sanne’s focus on the alternatives and corporate sectors. “As SANNE continues to focus its global operations on the growing alternatives and corporate sector, we were keen to ensure we found a leading player in the market that shares the same passion for high quality client service as we do,” said Martin Schnaier, CEO of Sanne.

Following the deal, alternatives will represent 90% of Sanne’s activity.

For JTC, the acquisition is part of its growth strategy, which sees opportunities across both its Institutional Client Services and PCS divisions.

The news came as Sanne announced the appointment of Shervin Binesh as a corporate services director in Jersey. In his new role, Binesh will oversee services to corporate and institutional clients.

He joined from Intertrust where he was client director in the performance and reward management division. Prior to this he worked in corporate, shareholder services and employee incentive schemes at Link Asset Services and Western Union Business Solutions.

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