Fund administrator JTC launches services in Ireland

The company can now provide more services for its US-based clients in one of the fastest growing fund domiciles in the world.

By Jonathan Watkins

Global financial administration leader JTC has launched its fund administration offering in Ireland following regulatory approval from the Central Bank of Ireland.  

The addition means JTC now has more than two dozen offices worldwide. 

JTC said the Ireland fund administration offering will complement existing Alternative Investment Fund Manager (AIFM), depositary, and corporate solutions provided from JTC offices in Dublin and Enniscorthy.  

Fund administration services will include fund accounting, transfer agency, AML, FATCA/CRS and the preparation of fund financials with audit support.

The Irish fund administration offering will be led by Graham Kennedy, chief executive officer – JTC Fund Solutions (Ireland).  

“We are really pleased that JTC has been issued its fund administration license in a key financial jurisdiction such as Ireland,” said Kennedy. “In conjunction with AIFM, depositary and corporate solutions, our agile teams are now able to offer clients a comprehensive range of fund and corporate services solutions, with high levels of customisation, no outsourcing or functionalisation of any core services, and supported by the depth and breadth of our global, listed parent company, JTC.

Assets domiciled in Irish funds surpassed €4 trillion at the end of 2021, the Irish Funds Industry Association (Irish Funds) announced earlier this year. The figure represented 22.5% year-on-year growth, with 42.1% growth in exchange traded funds (ETFs) alone.  

Ireland is now home to 6% of worldwide investment fund assets, and almost 19% of European fund assets. The total number of Irish domiciled funds, including sub-funds, reached 8,450 in March 2022.    

Boasting tax treaties with the US and EU, Ireland’s relationship with the US and European financial communities is strong. At the same time, the country has a reputation for regulatory supervision and a framework compatible with local substance standards and the EU’s Alternative Investment Fund Management Directive (AIFMD).