Fund management service provider JTC has acquired Essential Fund Services (EFS), which is headquartered in New York, USA.

EFS offers a broad range of services in the alternative assets space, including accounting, reporting and administrative services to investment partnerships and their investment managers.

Gerard Federici, who is a managing member at EFS, will continue to lead the business and all current EFS employees will join JTC, becoming part of the group's institutional client services division.

The transaction is not subject to any regulatory approvals and completes with immediate effect.

Nigel Le Quesne, chief executive of JTC, said: "The acquisition of EFS is another high-quality addition to our strategically important and fast-growing US business. Gerard and his team have a demonstrable track record of delivering the highest levels of client service."

Mr Federici, managing member of EFS, said: “I am delighted that EFS has the opportunity to become part of the JTC Group and play a role in its ambitious plans for the US fund services market. We share the same belief in the importance of exceptional client service."