Fund services provider JTC has agreed to buy the private client services business of Sanne, which has been operating since 1988.

As part of the deal, JTC will absorb Sanne’s private client employees based in Jersey.

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The clients of the acquired business will also move to JTC upon deal closure in the second quarter of this year.

Sanne Group CEO Martin Schnaier said: “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.

“We believe our people and our clients will benefit from JTC’s experience and expertise in this sector.”

JTC CEO Nigel Le Quesne said: “Our Jersey platform continues to deliver strong commercial performance, and we look forward to using our extensive acquisition experience to ensure a positive and seamless transition for both clients and new colleagues.”

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The transaction awaits regulatory nod.

In recent years, JTC has been on an acquisition spree.

Last year, the firm acquired Executive Partners, a Luxembourg-based provider of corporate and related fiduciary services.

In 2018, JTC entered into an agreement to buy Minerva, a Jersey-based provider of private client, corporate, fund and treasury services.

In the same year, JTC also announced the acquisition of Van Doorn, a Dutch firm offering corporate and related fiduciary services.

In 2017, JTC purchased Merrill Lynch Wealth Management’s International Trust and Wealth Structuring business.