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JTC PLC - Jersey-based fund management company - Completes its acquisition of New York Private Trust company, a Delaware-chartered non-deposit trust firm. Says the acquisition supports JTC's strategy to "continue its growth in the US market and in particular, to develop its US domestic trust services offering in what is a large and growing market".
Chief Executive Officer Nigel Le Quesne says: "NYPTC is a high-quality private client business that expands our US footprint and supports our ambitions to grow a market-leading US domestic trust business. We are delighted to be one of the first non-US headquartered and non-bank businesses to receive regulatory approval in Delaware, which underlines our long-standing commitment to the US market and future growth. The NYPTC team has an outstanding reputation for delivering the highest levels of service and we extend a warm welcome to our new colleagues and clients."
In August, JTC proposed to buy NYPTC in cash for an undisclosed sum. NYPTC 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.
Current stock price: 715.00 pence, up 2.3%
12-month change: down 9.7%
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