JTC to acquire Citi Trust 16 September 2024 US Reporter: Klea Neza
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JTC has announced the proposed acquisition of Citi Trust, the global fiduciary and trust administration services business, from Citigroup.
The companies say the acquisition will support many of JTC’s key growth jurisdictions, and will cement JTC’s position as the leading independent provider of global trust services.
The acquisition also brings an experienced senior management team with over 150 years of collective trust experience, supported by a skilled global employee base, the firms note
Nigel Le Quesne, CEO of JTC, says: “The acquisition is 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, adds: “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.”
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