As part of its continuing expansion, GSX, the Gibraltar Stock Exchange, has announced the acquisition of Grant Thornton Fund Administration Limited and GT Fiduciary Services Limited.
GSX has therefore acquired the largest fund administrator in Gibraltar as well as a fiduciary and corporate services provider to expand the GSX Group’s product offering and develop its financial services and fintech ecosystem.
The acquisition received regulatory consent and closed on 30 November and will see the Grant Thornton companies change their names to ‘Juno’ and form part of the Juno Services group.
Adrian Hogg, Managing Director of the Juno Services group, will join the GSX Group’s executive committee as Group CFO.
Nick Cowan, CEO of the GSX Group welcomed the move:
“I am very excited for this new stage in our development; we can begin offering a full range of services to our clients within the GSX and GBX ecosystem. In addition, Adrian Hogg, who has served on the board of the Gibraltar Stock Exchange since licensing, will bring additional expertise to our fast growing group of companies.”
The acquisition is part of the GSX Group’s expansion plan which includes the recent launch of GBX, the Gibraltar Blockchain Exchange, which will operate as a leading token sale platform and cryptocurrency exchange.
The timing is perfect for the GSX Group, as the distributed ledger technology regulations come into operation in Gibraltar on 1 January 2018. These principles based regulations will regulate firms that utilise blockchain technology for the storing and transmitting of value belonging to others. GBX will come under the scope of this new regulation, which Nick believes is a huge strength to both Gibraltar and the GSX Group:
“Gibraltar is leading the way in terms of regulation within this space and the GSX Group will be a forerunner in the market.”
Adrian, Chairman of the Gibraltar Funds and Investments Association, member of the Gibraltar Finance Centre Council and a partner of Grant Thornton for 10 years, with extensive and proven financial services and corporate structuring experience commented:
“We are delighted to join the GSX Group and look forward to being part of the GSX Group's global offering. We believe that we can achieve significant growth and that joining the GSX Group will open up new opportunities for our clients and new clients alike.”
Grant Thornton Fund Administration Limited and GT Fiduciary Services Limited historically have a strong technology focus, specialising in the provision of fund structuring, fund administration, and regulatory services, together with corporate and related ancillary services. Providing services to a wide spectrum of clients from a broad range of jurisdictions, from private clients to multinational enterprises, clients will still receive services as normal under the new banner of Juno Services.
Adrian Hogg and Freddie White, the owners of Grant Thornton Fund Administration Limited and GT Fiduciary Services, sold to the GSX Group for an undisclosed amount. Part of the consideration was shares in the GSX Group such that Adrian and Freddie are invested, as shareholders, in the ongoing success of GSX, GBX and the Juno Services group.