JTC Group, the Jersey-based provider of fund, corporate and fiduciary services, has acquired Merrill Lynch’s International Trust and Wealth Structuring business (ITWS).
Details of the acquisition, including the price paid, weren’t given.
In a statement, the company, which was founded in 1987 and was formerly known as the Jersey Trust Co, said that in addition to acquiring the Merrill Lynch operation, subject to regulatory approvals, “Merrill Lynch and JTC have entered into a strategic relationship, whereby JTC will offer a range of trust administration services to new and existing international advisory clients”.
The ITWS business provides the administration of trust services for Merrill Lynch Wealth Management’s international advisory clients.
Under the deal, Merrill Lynch will retain its international wealth management business, including its brokerage accounts, trust assets and international financial advisers, the statement, issued by JTC, said.
Approximately 70 Merrill Lynch employees will join the JTC team, bringing its total employment number to almost 600, while “adding to [JTC’s] footprint in the key global financial centres of the Cayman Islands, Geneva, London, Miami and Singapore”, JTC said.
The acquisition will also give JTC a foothold in the Isle of Man for the first time, bringing its jurisdictional presence to a total of 20 places, including the Netherlands, following its recent acquisition of New Amsterdam Cititrust.
JTC chairman and chief executive Nigel Le Quesne, pictured, said JTC was “a fantastic fit” for for the administration and wealth structuring needs of Merrill Lynch Wealth Management’s clients, “and for our new [former Merrill Lynch] colleagues”, and promised that it would “provide an innovative, dynamic and client-focused environment in which to work and grow”.
He said the deal also would reinforce JTC’s “long-standing commitment to the Americas region, and increases the strength and depth of our administration capabilities in Europe and beyond”.
As reported here last November, JTC obtained a trust licence in the American state of South Dakota, which has been building its global asset management business with the help of regulators who have been providing its businesses with regulatory structures to accommodate them.
JTC first established a presence in the US in 2013 with a representative office in Miami, from which it continues to provide corporate, fund and bespoke private client services to its clients. A New York office was added in 2014.