Global professional services provider JTC has announced its intended acquisition of Citi Trust, the global fiduciary and trust administration services business.

The deal for Citi Trust will bolster JTC's existing footprint and boost its position as an independent provider of global trust services.

In addition, the acquisition brings with it an experienced senior management team with over 150 years of collective trust experience, supported by a skilled global employee base.

Citi Trust provides a full suite of tailored trust solutions, operating from seven high quality trust jurisdictions (New York, Delaware, South Dakota, Jersey, Singapore, Switzerland and the Bahamas). The total AuA serviced by Citi Trust is in excess of $70bn across over 2,000 UHNW client relationships.

Nigel Le Quesne, CEO of JTC PLC, said: “Citi Trust is one of the most established and well-respected providers of trust services globally and we are delighted to have been chosen as the future custodian of its employees and clients. The acquisition is extremely complementary to JTC’s existing footprint. It is a transformational transaction for the Group and our Private Client Services division, increases our presence in key growth markets in the US, Europe and Asia, and brings further resilient annuity driven revenue to the Group. We look forward to welcoming their highly experienced team to JTC, so that together we can capture the future growth opportunities that the global trust and administration market offers”.

Ida Liu, Head of Citi Private Bank, added: “The decision to sell our personal trust administration and fiduciary business allows us to focus our resources on areas that will create impact for our global clients and drive growth for our Wealth business. We will continue to provide clients with leading investment management, wealth planning, lending and banking services, while JTC will provide the highest quality trustee and fiduciary services. We are confident our clients and colleagues will benefit from JTC’s singular focus on trust administration and we are pleased our clients will continue to work with the world-class trust administration team they’ve relied on at Citi Private Bank. We look forward to working together as we transition this part of our business.”

"JTC to absorb Citi Trust" was originally created and published by Private Banker International, a GlobalData owned brand.

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