FTSE-listed JTC, the global professional services provider, has moved into new offices in Dublin as the plc steps up its expansion in the Irish market.

The modern building at 45 Mespil Road brings JTC’s AIFM and corporate operations together under one roof, including the team from Ballybunion Capital acquired in 2021.

Indos Financial (Ireland) Depositary, which was also acquired in 2021, will continue to operate from its office in Enniscorthy.

Nigel Le Quesne, group CEO, commented: “The move to our new offices is reflective of the importance of Ireland to JTC’s future plans and also the development of our local offering over the past years.

“Through the acquisitions of Indos and Ballybunion, we have substantially expanded our platform in Ireland, which began with a greenfield corporate services offering in 2020. This growing Irish presence complements our existing fund services offering in the Channel Islands, the UK and Luxembourg.

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“It also creates important opportunities with the US market, for clients needing a European structure, and who feel closely connected to Ireland historically and culturally.

"In addition, the Investment Limited Partnership (ILP) regime in Ireland was updated in 2021 to attract increased private capital into the country and post period end we became one of only two third party Alternative Investment Fund Managers (AIFMs) to have supported the launch of an ILP.”

JTC has a focus on fund, corporate and private client services. Unusually, every JTC person on the payroll also has a stake in the business.

All permanent employees are automatically part of the Shared Ownership programme. The company explains that scores are calculated annually for each person based on their length of service, seniority and appraisal score. Appraisal scores are based 50:50 on the achievement of goals and behaviours.

When a multi-year business plan is completed and if the Company has achieved or exceeded its goals, the Shared Ownership programme considers making an award from the Employee Incentive Plan to all eligible employees.

In addition, a Deferred Bonus Share Plan and Performance Share Plan provide added incentive for those who have taken on leadership roles.

JTC’s revenue in 2021 was £148m, up 28% on the previous year. Through last year, JTC undertook two equity fundraisers, raising gross proceeds of £145m.

Ballybunion Capital acquisition

Acquisitions contributed £25m of new revenue in the year for JTC, including Ballybunion Capital.

Incorporated in 2002 and trading from Ashley House on Morehampton Road in D4, Ballybunion Capital was owned by Cahir entrepreneur Patrick O’Sullivan (66), a qualified solicitor who previously worked with Bank of Ireland Asset Management, Barclays Capital and ING Barings.

Ballybunion’s niche is the alternative fund industry, helping institutional investors, international fund promoters and investment managers focus on their investment strategies and navigate the complex regulatory landscape.

Its funds service covers independent management and regulatory oversight services to investment funds, Management Company (ManCo) services as an Alternative Investment Fund Manager, as well as governance oversight, portfolio management and risk management solutions.

The company says its focus is on the premium end of the market, covering both alternative and traditional asset classes, including private equity, loans, real estate, fixed income, ESG and life settlements.

A sale agreement with JTC was effected in March 2021 and regulatory approval was finalised in September 2021.

In the year to June 2021, Ballybunion Capital Ltd had turnover of €2.2m and booked a pre-tax profit of €630,000.

According to its annual report, JTC agreed to pay Patrick O’Sullivan €11.4m in cash for the business, plus €0.8m in JTC shares. Earn-out consideration amounts to a possible €1.2m.

The deal terms also called for a put-call option of contingent consideration in the amount of €0.7m.

Prior to the deal closing, Ballybunion Capital declared a dividend of €2.2m.

Photo: Nigel Le Quesne (centre) and Jon Jennings, Group Head of ICS, with JTC Group colleagues at the new Mespil Road office. (Pic: Bryan Brophy)