The latest mergers, acquisitions and other corporate actions in the wealth management sector.

JTC, Union Bancaire Privée
Global professional services provider, JTC and Swiss private bank Union Bancaire Privée (UBP) have reached an agreement on JTC’s proposed acquisition of Kleinwort Hambros Trust Company (CI) and its subsidiaries (KHT), which are wholly owned subsidiaries of UBP. The acquisition is subject to regulatory approvals and standard closing conditions.

Over its 70 years of operating, 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. In addition, KHT provides offshore share scheme and pension scheme administration services to several high-quality global corporate clients, which will enhance and support JTC’s Employer Solutions service offering.

Post completion, KHT will be integrated into JTC’s global Private Client Services division, building on its track record of bank carve outs. The most recent of these was the acquisition of Citi’s global fiduciary and trust administration business, formerly known as Citi Trust, which reinforced JTC’s market position as a prominent independent provider of trust services globally.

Following completion of this proposed acquisition, JTC will remain a partner of UBP, providing opportunities for JTC to serve the bank’s new clients through its wide range of services.

“We are delighted to announce the proposed acquisition of KHT from UBP,” Nigel Le Quesne (pictured), CEO of JTC, said. “We look forward to welcoming the highly experienced team and their clients to JTC, as we further develop and expand our professional trust and corporate services in this large global market...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.”

“This transaction reflects UBP’s continued strategic focus on our core strengths as a pure-play wealth and asset manager,” Guy de Picciotto, CEO of UBP, added. “We have long recognised that KHT’s specialised expertise would be best supported within an organisation fully dedicated to trust and fiduciary services. 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.”