A financial services business with a significant Isle of Man presence has become a private company following the completion of a £2.7 billion takeover.

JTC, which has an office at Quay West on Bridge Road in Douglas, has been acquired by funds advised by global investment firm Permira, alongside Canada Pension Plan Investment Board.

JTC has now been delisted from the London Stock Exchange as a result of the deal, which was announced earlier this month.

However, the company says it will continue to operate under the JTC name and brand, with chief executive Nigel Le Quesne and the existing management team remaining in place.

JTC has an established operation in the Isle of Man and has more than a dozen senior team members based on the island.

They include Aidan Davin, managing director for Isle of Man Private Capital Services, alongside directors and senior staff working across private capital services, risk and compliance and employer solutions.

The company was founded in Jersey in 1987 and has since grown into a global professional services business.

It now employs more than 2,500 people and serves more than 14,000 clients across more than 100 countries.

Its work includes services for funds, businesses, private clients and employers.

In a statement, JTC said the completion of the takeover marks the latest stage in its 38-year history and it is now aiming to double the size of the group again.

Mr Le Quesne said: ‘The completion marks an important milestone for JTC.

‘With Permira as our partner, we are well positioned to deliver our Genesis era business plan, where our vision is to double the size of the group once again.’

He said the company plans to combine investment in its workforce with new technology as it pursues further growth.

JTC intends to invest in next-generation technology and artificial intelligence while continuing to look for further acquisitions, particularly in North America and Europe.

The company says its employee shared-ownership culture will also remain following the acquisition.

Mr Le Quesne said Permira valued that approach and that it would remain ‘firmly at the heart’ of the business.

Permira has previously invested in businesses operating in the same wider industry, including Alter Domus, Tricor and Kroll.

Robin Bell-Jones, partner and head of London at Permira, said the firm was pleased to have completed its investment in JTC.

He said Permira would support the company as it seeks to expand across North America and Europe, including through investment in technology and further acquisitions.

JTC's own website describes the Isle of Man as one of the locations within its UK and British Crown Dependencies network.

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