JTC has made a number of trust company and related sector acquisitions, part of an M&A trend in this part of the wider wealth management ecosystem.

Professional services provider JTC appears to be on an unstoppable acquisition spree: it has announced its proposed purchase of Citi Trust, the fiduciary and trust administration services business, from Citigroup. The financial terms have not been disclosed.

Citi Trust operates from the following trust jurisdictions: New York, Delaware, South Dakota, Jersey, Singapore, Switzerland and the Bahamas. The group services more than $70 billion in client assets, covering more than 2,000 ultra-high net worth client relationships.

JTC has been busy, adding to its footprint in markets such as that of the US with several deals. For example, in early August it acquired First Republic Trust Company of Delaware, after initially announcing the deal on April 22. JTC has also bought South Dakota Trust Company and New York Private Trust Company. (For other stories about its acquisitions and strategy, see here and here.)

“Citi Trust is one of the most established and well-respected providers of trust services globally and we are delighted to have been chosen as the future custodian of its employees and clients,” Nigel Le Quesne, CEO of JTC, said. “The acquisition is extremely 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.”

Ida Liu, head of Citi Private Bank said: “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.”

Last year, this news servic explored JTC's broader strategy, including its growth ambitions for the US. 

The trust, corporate and fund services sector has seen a number of deals in recent months. For example, in November 2023, ZEDRA, a global specialist in corporate and global expansion, active wealth, pensions and incentives services, and fund solutions, bought LJ Fiduciary and Alvarium Private Office which has offices in the Isle of Man, Geneva and the UK. The business was acquired from AITi Tiedemann Global, the multi-family office group recently created from a transatlantic merger. In April, Gen II Fund Services, a private capital fund administrator, wrapped up its acquisition of Crestbridge, a European provider of private capital fund administration services.