JTC acquires SDTC in US expansion 15 June 2023US Reporter: Lucy Carter
Image: Jacob/stock.adobe.com
Fund service provider JTC has entered an agreement to acquire administrative services firm TC3 Group Holdings, which trades as South Dakota Trust Company (SDTC).
The announcement follows JTC’s acquisition of New York Private Trust Company in 2022, as the firm seeks to continue its US expansion and strengthen the personal trust services it offers across the market.
Through the acquisition, JTC will gain access to SDTC’s high net worth and ultra-high net worth family clients through the company’s intermediary network.
It will also onboard SDTC employees, bringing its headcount to more than 300, and will oversee a total of 15 offices across the US.
Nigel Le Quense, CEO of JTC, says: "SDTC is a market-leader in the fast-growing personal trust market in the US. It is hugely complementary to our existing US operations, particularly our existing South Dakota business. Not only does it bring us greater scale in the US, it also provides significant opportunities to offer our wider private client services to [SDTC’s] high net worth and ultra-high net worth family clients. The acquisition also delivers on our previously announced strategy to grow a market-leading US personal trust business.”
Al King, co-founder and co-CEO of SDTC, comments: “We have a lot in common with JTC, including our commitment to our clients, our culture and our professional expertise. We see significant opportunities to expand our combined offering to clients and their advisors, so that we can meet more of their needs in this fast growing private client market.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Jacob/stock.adobe.com 