|
JTC PLC on Friday said it has agreed to buy non-deposit trust company New York Private Trust Co in cash for an undisclosed sum.
NYPTC is headquartered in Delaware and offers a range of fiduciary services, including trust services, estate administration services and white label trust services to ‘high net worth and ultra-high net worth’ individuals and families and corporate clients.
Jersey, UK-based fund management company JTC said the proposed acquisition of NYPTC supports its strategy to further develop its presence in the high growth US market and to develop a US domestic trust services offering.
Further, the company added that NYPTC is ‘highly complementary’ to its existing private client operations in the US, which include offices in Miami, New York and South Dakota.
JTC expects the acquisition to be complete before the end of the year, following regulatory approvals.
Chief Executive Officer Nigel Le Quesne said: ‘NYPTC is a high quality private client business that will expand our existing US footprint and support our ambitions to create a market-leading US domestic trust business.
‘The NYPTC team have an outstanding reputation for delivering the highest levels of client service and taking an innovative approach across a broad spectrum of asset classes.’.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
