Listed fund services provider JTC has made another US acquisition following its 2020 purchase of California-based NES Financial. The company has announced the acquisition of SALI Fund Services, which specialises in insurance dedicated funds (IDF) and separately managed accounts.

Founded in 2002, SALI has over $15.8 billion in assets under management. The business is headquartered in Austin, Texas.

IDFs are investment vehicles that enable a broad range of alternative investment managers to provide institutions, family offices and high net worth individuals with a tax efficient vehicle to invest the long-term capital allocated through life insurance policies into alternative assets. Due to the nature of IDF’s, client relationships tend to be very long-term, with fund lifespans often being multi-decade, which can provide high levels of recurring revenue visibility.

According to Jersey-based JTC, the acquisition of SALI will advance its strategic objective to strengthen its presence in the US. Combined with the aforementioned acquisition of NES Financial as well as Segue Partners earlier this year, the deals have given the company a greater presence on what is a key growth market. Following the acquisition of SALI, the US becomes JTC’s second largest jurisdiction, with over $35 million in revenues.

SALI also provides JTC’s Institutional Client Services (ICS) division with access to a large new market, insurance, where there will be significant incremental opportunities in the medium to long term and also provides the Group’s Private Client Services (PCS) with additional service lines and expertise to support existing clients.

Nigel Le Quesne, CEO of JTC, said in a statement: “SALI is a business of exceptional quality and a clear leader in the growing IDF market. Their operations are highly complementary to our existing US footprint and their deep expertise will be a fantastic addition to our Group capabilities set. As always, cultural alignment is vitally important to us and like JTC, they are committed to developing successful long-term relationships that span decades. We are excited to welcome the SALI team, their clients and partners to the JTC family.”