JTC has announced that it is due to acquire Kleinwort Hambros Trust Company (CI) Limited and its subsidiaries.
The professional services provider reached an agreement with Swiss wealth and asset manager Union Bancaire Privée, who wholly own KHT, to green light the acquisition.
Having operated for over 70 years, KHT has built a strong reputation for its trust and estate planning services to high-net-worth and ultra-high-net-worth families, many of which have remained clients for more than two decades, the firm says.
KHT also provides offshore share scheme and pension scheme administration services to global corporate clients, which JTC says “enhances and supports” its Employer Solutions service offering.
Post completion, KHT will be integrated into JTC’s global Private Client Services division, building on the firm’s record of bank carve outs – the most recent being the acquisition of Citi’s global fiduciary and trust administration business, formerly known as Citi Trust.
The acquisition is subject to regulatory approvals and standard closing conditions.
JTC PLC CEO Nigel Le Quesne said: “We look forward to welcoming the highly experienced KHT team and their clients to JTC, as we further develop and expand our professional trust and corporate services in this large global market.
“Building on our recent successful acquisitions of SDTC and Citi Trust, this acquisition will bring us greater scale in the UK and Channel Islands with added opportunities to offer our wide range of services to KHT’s existing clients.”
UBP CEO Guy de Picciotto added: “This transaction reflects UBP’s continued strategic focus on our core strengths as a pure-play wealth and asset manager.
“We have long recognised that KHT’s specialised expertise would be best supported within an organisation fully dedicated to trust and fiduciary services.
“We are confident we have found a partner in JTC that shares our commitment to excellence and long-term client service.”
He continued: “KHT’s clients and teams will benefit from JTC’s scale and focus, and we look forward to continued collaboration while maintaining a strong presence in key jurisdictions.”