Jersey based third party administrator selects Linedata Icon for fund administration
Linedata (NYSE Euronext: LIN), the global solutions provider dedicated to the investment management and credit industries, have announced that Jersey-based finance house JTC Group has signed up for Linedata Icon, a market leading fund accounting platform, and part of Linedata’s comprehensive solution for institutional investment managers and third party administrators.
JTC Group is a leading independent provider of international private wealth, corporate, employee benefit and fund administration services. Headquartered in Jersey, JTC Group has operations in Guernsey, Luxembourg, Switzerland, the British Virgin Islands and the United Kingdom. The company is growing its third party administration services and selected Linedata Icon as its fund accounting solution to support its growth plans.
Offshore investment centers are a growth area as the demand for better returns on investment is stronger than ever. The advantages of tax breaks, investment flexibility, access to normally unattainable funds, the ability to invest in multi currencies, to name a few, make these centers very appealing.
Recently named as the highest rated offshore international finance center (Global Financial Centers Index 2011) and with £197.6bn Net Asset Value funds under management, Jersey is an increasingly attractive offshore center for funds. Linedata has a growing number of clients on the island, using its fund accounting and transfer agency solutions to manage their own funds and to provide third party administration services.
JTC Group chose Linedata Icon based on the rich functionality available in the system, which is a good fit for the Group’s current requirements, its scalability and reputation, and feedback from other Linedata Icon clients in the Channel Islands and elsewhere.
Miranda Lansdowne, Director – Corporate Services, at JTC Group said, “We were aware that there are several large institutions and TPAs using Linedata Icon already, so we were reassured of its suitability, reliability and depth of functionality. It also made sense to go with Linedata Icon as some of the funds we have taken on recently had been operating on the platform. At JTC Group, we’re continually developing new relationships in order to further build our third party fund administration business. We have specialist knowledge and experience of administering offshore funds and consider Linedata Icon to be a good platform to take our business forward.”
Adrian Andrews, Managing Director for Linedata, Northern Europe, commented, “We are delighted to welcome JTC Group to our growing client base. Linedata Icon meets their fund accounting requirements today and we continue to invest to ensure that it remains the right product for the future. Linedata Icon forms part of Linedata’s back office platform, providing a complete, scalable solution for both TPAs and asset management firms around the world.”