NES Financial

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.[1]

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%.[2]

It was bought by JTC plc for $40 million in April 2020.[3]

Acquisitions

In October 2006, NES Financial acquired Cole Taylor Tax Deferred Exchange, a division of Cole Taylor Bank.[4]

In November 2008, JP Morgan Property Exchange (JPEX) from JP Morgan Chase.[5]

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.[6]

References
  1. "JTC's $116 Million Acquisition of NES Financial". Global Legal Chronicle. 7 April 2020. Retrieved 14 November 2020.
  2. "Inc. 5000". Inc. Retrieved 18 April 2013.
  3. "Fund administrator JTC acquires NES Financial in $40m deal". Global Custodian. 2 April 2020. Retrieved 14 November 2020.
  4. "Cole Taylor Bank Teams Up With Nationwide Exchange Services to Expand and Enhance Tax-Deferred Exchange Offerings".
  5. "Nationwide Exchange Services (Private, San Jose, CA) acquires J.P. Morgan Property Exchange, Inc from J.P. Morgan Chase (NYSE: JPM, New York, NY)" (PDF).
  6. "One Exec's Plea to Congress: Regulate Me, Please". Businessweek. Archived from the original on June 5, 2010. Retrieved 18 April 2013.
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