(Alliance News) – JTC PLC said on Monday it has proposed to purchase the trust and administration businesses of Buck UK and European equity plans from Illinois-based insurer Arthur J Gallagher & Co.
The Jersey-based professional services firm said Buck Share Plans, which has operations in the UK, Guernsey and Germany, provides fully outsourced trust and administration services to a blue-chip global client base, “covering a full range of employee share plans”.
JTC expects the proposed acquisition to strengthen its existing Employer Solutions platform, which it says offers “compelling growth” for the business. “Buck Share Plans will accelerate the growth of the group’s trust and share plan administration offering, as well as bringing with it an existing portfolio of high-quality, long-standing blue-chip clients, and an experienced, client-focused and committed team of 16 professionals based in the UK, Guernsey and Germany,” JTC said.
JTC Chief Executive Nigel Le Quesne said: “This acquisition is exciting for us as our share plan services are closely aligned with our shared ownership philosophy, which has been at the heart of JTC’s culture since 1998. We believe our passion for shared ownership, combined with the 25 years of experience of our Employer Solutions business, will continue to cement our market-leading position. The JTC Employer Solutions business continues to grow strongly and we are delighted to be able to further expand our employee share plan offering.”
JTC did not disclose financial details of the planned acquisition.
JTC shares were up 0.8% at 1,050.00 pence each on Monday morning in London.
By Tom Budszus, Slots Editor, Alliance News
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