Testimonial – Richmond Fiduciary Group

“Once we had decided to adopt cash pooling JCAP worked closely with us to implement the system, provided invaluable advice on how to explain the concept to our clients and continual support while the change was made. A year later we still have very regular communication with them and we have achieved our primary objectives of increased returns for our clients and transparency of charges. The success of the project can be seen by the regular increase of funds into the cash pool. I would definitely recommend them”.

Mike J. Good ACA CDir

Managing Director

Richmond Fiduciary Group

Testimonial – JTC Group Limited

In early 2011, JTC conducted a detailed analysis of its Treasury Services requirements in which we examined the options of two outsourced providers along with establishing an in house Treasury function. After detailed review and taking into account the circumstances prevailing at the time, it was agreed that we would appoint JCAP Treasury Services due to the expertise and knowledge of their team in Treasury and Project Management.

 As an extension to this, we worked closely with both JCAP and Ascent, the providers of bespoke software that underpins the pooling operation, and were very satisfied with the service delivery of all parties in delivering both product and bespoke software that fulfilled our requirements.

 JCAP and indeed Ascent continue to work with JTC in developing a Treasury Service and we trust in their ability to assist in the delivery of a regulatory compliant and future proof strategy for our business.”     

Nigel Le Quesne

Group CEO & Chairman 

Testimonial – Sator Regulatory Consulting Limited

JCAP Treasury Services commissioned an independent review by Sator Regulatory Consulting Limited, to examine JCAP’s outsourced treasury services and comment on the procedures and business model.

Sator are a Jersey based company wholly owned by Helen Hatton, who has over twenty years director level experience in offshore financial services regulation and financial crime investigation gained as Head of Enforcement for the Isle of Man Financial Supervision Commission and as Deputy Director General of the Jersey Financial Services Commission.

Following the review, Sator produced a testimonial for JCAP which confirms that both JCAP’s services, and the Trident CMS software that can support the customer pooled account service, are fully compliant with all of the relevant JFSC regulations and do not add to the existing regulatory burden on customers.

Clients can now rest assured that JCAP’s treasury services not only fulfil the current demand in the market place for diversification of risk, transparency and superior returns but also ensure that the regulatory framework is being adhered to.

Should you wish to discuss the testimonial or wish to receive a copy of the full report please do not hesitate to contact us.

Case Study – A Jersey based trust company

An independent medium sized jersey based trust company who provided trustee services, foundations, private trust companies, family limited partnerships and registered office services contacted JCAP in 2010 to discuss the opportunity of engaging with us in order to provide a full suite of treasury services.

Challenges

Following the financial crisis, the trustees were concerned that the majority of their underlying cash assets were held with one counterparty and were not in a position to easily move the thousands of accounts if there was a repeat of the events that occurred in 2008/2009. The board were looking for a proactive solution and did not want to be conflicted by choosing to manage the cash in-house. Having decided on an outsourced solution, the directors engaged JCAP in order to provide a fully integrated pooled solution, the professional cash management of their cash assets and foreign exchange.

Solution

JCAP worked closely with the client and their trust accountancy software provider in order to provide an efficient and transparent solution for aggregating their client cash. Following a successful implementation there was almost 100% take up of the service by clients. JCAP became the trust company’s treasury team and consistently improved yield for their clients while maintaining diversification.

In the provision of the FX service, JCAP transacted foreign exchange trades on behalf of the trustees to ensure that clients were receiving a fair and equitable price while mitigating the market and operational risks associated with foreign exchange.

Whilst the clients benefitted from improved returns, reduced risk and a transparent fee structure, the trust company benefitted from improved efficiencies, lower costs, reduced risk and a sustainable revenue stream.

Case Study – The first Guernsey Fiduciary to pool funds

1 paragraph about the company

Challenges

JCAP worked in Guernsey during 2013 to set-up the first client pooled account structure at a Guernsey trust company.

Solution

Outline the solution provided by JCAP

Case Study – A wealth manager in the City of London

The client is a well-known City-based wealth management company who offer investment strategies to private clients and companies.

They engaged JCAP to help find solutions for the client monies that form part of their discretionary managed portfolios.

The Challenges

On 1 April 2013 the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA). The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.

On the 1^st of June 2014 The Financial Conduct Authority (FCA) issued changes to the client money and custody assets (client assets) rules which govern the management of client’s assets. The rules address lessons learnt from recent insolvencies, feedback from firms themselves and observations from the FCA’s specialist Client Assets Unit.

The changes that were announced specified that client monies must be held in accounts that had instant access (defined as up the 30 days) or in accounts that were breakable deposits.

The wealth manager had limited bank counterparties and the returns they were currently achieving from the management of their client monies were relatively low and getting lower as banks sought to position themselves for the introduction of the Basel 3 rules.

The solution

JCAP introduced new counter-parties to the wealth manager who offered significantly higher returns for call accounts and 30 day deposits and notice accounts.

JCAP continue to monitor the rates that the wealth manager is achieving and suggests new counterparties when appropriate. JCAP also keep abreast of the FCA client money rules in CASS 7.

Case Study – Bespoke cash management for a high-net-worth client

JCAP were contacted by a UK based IFA who had a high-net-worth private client that had recently sold their business and acquired a substantial sum of cash.

Challenges

The client wanted the cash deposited with 5 A-rated banking institutions with a specific liquidity profile that would allow the IFA to gradually invest some of the client’s cash. Cash management and counterparty risk was not the IFAs area of expertise.

Solution

With JCAPs strong relationships with offshore and onshore banks we were quickly able to provide a variety of bespoke cash management proposals that the IFA could take to his client. Once the right choice of counterparties and liquidity was chosen JCAP assisted in the completion of account opening forms and managed the process with all of the banks.

JCAP continued to cash manage the clients cash portfolio, maintaining the required liquidity with a very competitive yield whist monitoring counterparty risk. The client receives regular reports from JCAP showing a full breakdown of his cash portfolio.

Case Study – A Jersey based Investment Manager

The client was an investment boutique offering  investment strategies to private clients. They first engaged JCAP in August 2011 to discuss cash management opportunities.

Challenges

At the time the Investment Manger had been operating for 3 years and was going through a period of rapid growth. They were also developing a new asset management platform which was being rolled out internally. They only held 5% in surplus cash but they were concerned that the cash wasn’t being managed as the core focus was to invest in other asset classes. Any cash awaiting investment was earning zero interest on a custody account.

Solution

JCAP had previously only worked with fiduciary companies so providing a solution for an Investment Manager was a change to the existing model. JCAP developed a simple solution for the client that offered daily cash and liquidity management whilst providing a competitive return to both the Investment Manager and their clients.