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16 Sep 2021 | 08:09

JTC to acquire US fund services provider Segue Partners

(Sharecast News) - Fund manager JTC has agreed to acquire American fund services provider Segue Partners for an undisclosed amount. JTC said on Thursday that the initial consideration for Segue would be settled by a combination of cash and equity, while a further consideration would be made available on the achievement of certain performance targets in 2022 and 2023.

The FTSE 250-listed firm stated the addition of Segue would enhance its fund services presence in the US, providing an additional scalable platform that was "well positioned for growth" and complemented its existing US footprint.

In 2020, Segue delivered revenues of $1.5m, a 17% increase year-on-year, with JTC pointing to opportunities for further growth in revenues and margins as a result of leveraging its scale, both in the US and internationally.

Chief executive Nigel Le Quesne said: "We are very pleased to announce the acquisition of Segue, which is a high quality addition to our strategically important and fast-growing US business.

"Michelle and her team have built a reputation for delivering first-class service and strong growth year on year and we look forward to supporting and accelerating that as they become part of the group."

As of 0905 BST, JTC shares were untraded at 786.0p.
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