2 weeks Ago By Chester Robards Senior Business Reporter [email protected]
JTC PLC has announced itself as the firm planning to acquire Citi Trust from Citigroup, a statement from JTC revealed. Citi Trust, which has an arm in The Bahamas, is the global fiduciary and trust administration services business of Citigroup. A JTC spokesperson told Guardian Business that the company will be seeking the necessary regulatory approvals and other approvals “in due course”.
According to the statement, JTC is a global professional services provider whose footprint will be complimented by the addition of Citi Trust’s portfolio. Chief Executive Officer of JTC Nigel Le Quesne said in the statement that the company is “delighted” to have been chosen to be the “future custodian” of Citi Trust’s employees and clients. “The acquisition is extremely complementary to JTC’s existing footprint,” said Le Quesne.
“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.” The statement explains that Citi Trust provides tailored trust solutions from “seven high quality trust jurisdictions”, including New York, Delaware, South Dakota, Jersey, Singapore, Switzerland and The Bahamas.
It adds that Citi Trust has more than $70 billion in assets under administration from 2,000 ultra-high-net-worth client relationships. Head of Citi Private Bank Ida Liu said in the statement that the sale of the personal trust administration and fiduciary business allows Citi to focus resources on creating a greater impact for its global clients and driving growth for the company’s wealth business. The statement said the acquisition means JTC will inherit an experienced senior management team with more than 150 years of collective trust experience and a skilled global employee base.
Liu added: “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.
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