As reported in The Southern Star last week, it has now been confirmed that JP Morgan has agreed to acquire the Clonakilty firm, Global Shares.
The deal – the terms of which have not been disclosed – is subject to regulatory approvals and closing and the transaction is expected to close in the second half of 2022.
Founded in 2005, Global Shares has an expansive client base of over 600 corporate clients that range from early-stage start-ups to mature multinational public corporations.
The firm has nearly $200 billion in assets under administration across 650,000 corporate employee participants. It operates with an experienced team of more than 600 employees headquartered in Cork, Ireland and 16 further locations across Europe, the Middle East & Africa, North America and Asia Pacific. Since July 2018, Global Shares has been partnered with specialist fintech investor, Motive Partners.
‘The addition of Global Shares is complementary across our entire J.P. Morgan franchise from new client acquisition for our Global Private Bank and US Wealth Management businesses to providing new, innovative capabilities to private and public companies globally and helping their employees manage their wealth,’ said Mary Callahan Erdoes, CEO, JP Morgan Asset & Wealth Management.
‘We are tremendously excited to partner with J.P. Morgan and to continue on our journey of being a leading player in equity incentive services. Together, we will accelerate the expansion of our business globally as well as the range of services we offer to our clients and their employees. This is a great news for both our clients and all of our employees,’ said Tim Houstoun, CEO, Global Shares.
‘We are excited about the potential to partner with corporates globally and help to deliver a range of wealth management solutions to Global Shares’ equity plan participants,’ said Michael Camacho, CEO of Wealth Management Solutions, JP Morgan.
Over time, JP Morgan say it will integrate Global Shares into its Asset & Wealth Management line of business, supporting the next phase of Global Shares’ growth agenda.
The company will remain headquartered in West Cork.