NES Financial explained

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.

JTC Americas [1] [2]
Former Name:Nationwide Exchange Services CorporationNES 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 exchangesEB-5

EscrowFund administration

Owner:JTC plc [3]

History

The company was originally named Nationwide Exchange Services Corporation: it was founded in Silicon Valley in 2005.[4]

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%.[5]

It was bought by JTC plc for $40 million in April 2020.[6]

The company rebranded to JTC Americas in April 2021.[7]

Acquisitions

In October 2006, NES Financial acquired Cole Taylor Tax Deferred Exchange, a division of Cole Taylor Bank.[8]

In November 2008, JP Morgan Property Exchange (JPEX) from JP Morgan Chase.[9]

Financial Reform Efforts

Following the financial crisis of 2007-2008, 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.[10]

Notes and References

  1. Web site: 2021-04-26. NES FINANCIAL REBRANDS TO JTC AMERICAS. 2024-02-23 . JTC Group.
  2. Web site: 2021-04-26. NES Financial Announces New Branding After Acquisition by JTC Group. 2024-02-23 . PR Web.
  3. Web site: April 2020 . JTC acquires NES Financial for up to $116 million. 2024-02-23 . Jones Day.
  4. Web site: JTC's $116 Million Acquisition of NES Financial. 7 April 2020. Global Legal Chronicle. 14 November 2020.
  5. Web site: Inc. 5000. Inc.. 18 April 2013.
  6. Web site: Fund administrator JTC acquires NES Financial in $40m deal. 2 April 2020. Global Custodian. 14 November 2020.
  7. Web site: Americas . J. T. C. . 26 April 2021 . NES Financial Announces New Branding After Acquisition by JTC Group . 23 February 2024 . . en.
  8. Web site: Cole Taylor Bank Teams Up With Nationwide Exchange Services to Expand and Enhance Tax-Deferred Exchange Offerings.
  9. Web site: Nationwide Exchange Services (Private, San Jose, CA) acquires J.P. Morgan Property Exchange, Inc from J.P. Morgan Chase (NYSE: JPM, New York, NY).
  10. Web site: One Exec's Plea to Congress: Regulate Me, Please. https://web.archive.org/web/20100605005141/http://www.businessweek.com/magazine/content/10_24/b4182032793023.htm?chan=magazine+channel_news+-+politics+%2B+policy. dead. June 5, 2010. Businessweek. 18 April 2013.