JTC plc (LON:JTC), the global professional services business, has announced the proposed acquisition of New York Private Trust Company (“NYPTC”), a Delaware non-deposit trust company, headquartered in Delaware, USA. NYPTC offers a broad 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.
The proposed acquisition of NYPTC supports JTC’s strategy to further develop its presence in the high growth US market and in particular, to develop a US domestic trust services offering. NYPTC is highly complementary to JTC’s existing private client operations in the US, which have grown organically since 2013 and include well-established offices in Miami, New York and South Dakota.
The consideration will be settled in cash. The transaction remains subject to various closing conditions and final regulatory approvals and is expected to complete before the end of the year at which time further detail will be provided.
Nigel Le Quesne, CEO of JTC plc, said:
“We are delighted to announce the proposed acquisition of New York Private Trust Company, subject to final regulatory approvals. NYPTC is a high quality private client business that will expand our existing US footprint and support our ambitions to create a market-leading US domestic trust business. The NYPTC team have an outstanding reputation for delivering the highest levels of client service and taking an innovative approach across a broad spectrum of asset classes. In anticipation of formal completion, we extend a warm welcome to our new colleagues and clients.”