Fund administrator JTC has strengthened its footprint in Middle East with the receipt of a new licence to provide corporate services in Abu Dhabi.
Awarded by Abu Dhabi Global Market (ADGM), the licence enables the firm to offer a range of services as a licensed corporate service provider, effective immediately.
The services will include setting up of companies and foundations, along with a suite of supporting services to cater to the requirements of the company’s international clients as well as intermediary base.
In connection with development, JTC has opened a new office in ADGM, which is Abu Dhabi’s financial free zone. JTC UAE operation head Naro Zimmerman will oversee the new office.
Commenting on the development, JTC CEO Nigel Quesne said: “As a global service provider, we are committed to offering our clients choice, and this latest move in the UAE is a reflection of that. Having operated an office in Dubai since 2018, we have been focused on enhancing our visibility in what we see as a key market. Acquiring a licence in the Abu Dhabi Global Market was a natural next step, aligned with our international strategy.”
Quesne added: “Under the guidance of Naro, our new office will give us greater coverage in the UAE whilst the new licence will bolster our capabilities in areas where we know clients are seeking expertise including co-investment, securitisation, legacy planning and asset protection.”
This February, JTC signed a deal worth up to £12.5m to snap up alternative fund specialist INDOS Financial.
Last July, JTC received a mandate to offer fund administration and registrar services to wealth manager Brooks Macdonald International.