NES Financial
{{Short description|American financial services company}}
{{Infobox company
| name = JTC Americas {{Cite web |date=2021-04-26|title=NES FINANCIAL REBRANDS TO JTC AMERICAS|url=https://www.jtcgroup.com/news/nes-financial-rebrands-to-jtc-americas/ |access-date=2024-02-23 |website=JTC Group}} {{Cite web |date=2021-04-26|title=NES Financial Announces New Branding After Acquisition by JTC Group|url=https://www.prweb.com/releases/nes-financial-announces-new-branding-after-acquisition-by-jtc-group-865330299.html |access-date=2024-02-23 |website=PR Web}}
| trading_name =
| former_name = Nationwide Exchange Services Corporation
NES Financial
| type = Private
| industry = Financial Services
| founded = 2005
| hq_location_city = San Jose, California
| hq_location_country = United States of America
| area_served = Worldwide
| services = 1031 exchanges
EB-5
Escrow
Fund administration
}}
NES Financial is a privately held company that provides services for financial transactions. The company focuses its services on 1031 exchanges, EB-5, and escrow, and fund administration. NES Financial is based in San Jose, California and maintains a regional office in Boston.
History
The company was originally named Nationwide Exchange Services Corporation: it was founded in Silicon Valley in 2005.{{cite web|url=http://www.globallegalchronicle.com/jtcs-116-million-acquisition-of-nes-financial/|title=JTC's $116 Million Acquisition of NES Financial|date=7 April 2020|publisher=Global Legal Chronicle|accessdate=14 November 2020}}
In 2011 and again in 2012, Inc. Magazine's 500|5000 recognized NES Financial as one of the fastest-growing private companies in America with its three-year growth hitting 179%.{{cite web|url=http://www.inc.com/inc5000/list/2012|title=Inc. 5000|publisher=Inc.|accessdate=18 April 2013}}
It was bought by JTC plc for $40 million in April 2020.{{cite web|url=https://www.globalcustodian.com/fund-administrator-jtc-acquires-nes-financial-40m-deal/|title=Fund administrator JTC acquires NES Financial in $40m deal|date=2 April 2020|publisher=Global Custodian|accessdate=14 November 2020}}
The company rebranded to JTC Americas in April 2021.{{Cite web |last=Americas |first=J. T. C. |date=26 April 2021 |title=NES Financial Announces New Branding After Acquisition by JTC Group |url=https://www.prweb.com/releases/nes-financial-announces-new-branding-after-acquisition-by-jtc-group-865330299.html |access-date=23 February 2024 |website=PRWeb |language=en}}
Acquisitions
In October 2006, NES Financial acquired Cole Taylor Tax Deferred Exchange, a division of Cole Taylor Bank.{{cite web|url=http://www.prnewswire.com/news-releases/cole-taylor-bank-teams-up-with-nationwide-exchange-services-to-expand-and-enhance-tax-deferred-exchange-offerings-67278207.html|title= Cole Taylor Bank Teams Up With Nationwide Exchange Services to Expand and Enhance Tax-Deferred Exchange Offerings}}
In November 2008, JP Morgan Property Exchange (JPEX) from JP Morgan Chase.{{cite web|url=http://www.sandleroneill.com/Collateral/Documents/English-US/Nationwide%20Exchange-JP%20Morgan%20Announcement%2011-06-2008.pdf|title=Nationwide Exchange Services (Private, San Jose, CA) acquires J.P. Morgan Property Exchange, Inc from J.P. Morgan Chase (NYSE: JPM, New York, NY)}}
Financial reform efforts
After the 2008 financial crisis, NES Financial focused its efforts in Washington D.C. Led by CEO Michael Halloran, the company lobbied tirelessly to improved 1031 industry regulations. Despite Halloran's nearly two years worth of efforts, the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 did not include additional 1031 regulations.{{cite web|url=http://www.businessweek.com/magazine/content/10_24/b4182032793023.htm?chan=magazine+channel_news+-+politics+%2B+policy|archive-url=https://web.archive.org/web/20100605005141/http://www.businessweek.com/magazine/content/10_24/b4182032793023.htm?chan=magazine+channel_news+-+politics+%2B+policy|url-status=dead|archive-date=June 5, 2010|publisher=Businessweek|accessdate=18 April 2013|title= One Exec's Plea to Congress: Regulate Me, Please}}
References
{{Reflist}}
External links
- {{Official website|http://www.nesf.com/}}