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Global professional services business JTC has completed the acquisition of US-based trust administration service provider First Republic Trust Company.
FRTC-DE of Delaware LLC was previously a wholly-owned subsidiary of JPMorgan Chase Bank which provides trust administration services to high-net-worth individuals.
It is headquartered in Wilmington, Delaware.
The company has approximately $9bn of assets under administration by market value and has a dedicated team of trust professionals with expertise in trust administration.
Following receipt of final regulatory approvals and the satisfaction of other closing conditions, JTC has now formally acquired the Delaware firm.
JTC said that the acquisition "builds on JTC’s position as the leading independent provider of trust services in the US, bringing further scale in this large, valuable and fast-growing market".
FRTC-DE has become part of JTC’s Private Client Services division based in the office in Wilmington, Delaware.
Nigel Le Quesne, CEO of JTC, said: “The completion of the acquisition of FRTC-DE gives a further boost to our proposition and capability in the US market.
"I am delighted to welcome the experienced team into our Private Client Services division as we continue to develop and expand our broad range of personal trust services within the US.”
Pictured top: Nigel Le Quesne, Chief Executive Officer of JTC.
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