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10 Dec 2020 | 08:32

JTC acquires employee benefits platform from RBC Holdings

(Sharecast News) - Wealth services provider JTC Group has acquired employee benefits platform CEES from RBC Holdings for £20.0m in cash. JTC said on Thursday that the addition of CEES was a "highly complementary acquisition", adding scale and quality in the group's corporate services business line.

The FTSE 250-listed company highlighted that CEES had a "high quality" client book consisting of over 430 corporate relationships and more than 890 plans, with assets under administration of roughly £11.0bn.

JTC added that CEES "significantly" enhanced its employee benefits offering, expanding a service line that had "good organic growth potential".

The acquisition will be funded from existing facilities.

Chief executive Nigel Le Quesne said: "The fit with our ICS division offering is exceptional and I am delighted that its core service offering is so closely aligned with JTC's strong shared ownership culture.

"We can see that demand for employee ownership solutions is growing globally and as well as achieving enhanced financial performance over the medium term once integrated onto the JTC platform, we see medium and long-term opportunities for good organic growth."

As of 0830 GMT, JTC shares were up 2.15% at 545.50p.
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