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Global professional services business JTC has announced the proposed acquisition of trust administration service provider First Republic Trust Company.
FRTC-DE of Delaware LLC is 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, all with significant expertise in trust administration.
Following completion of the acquisition, FRTC-DE would become part of JTC’s Private Client Services division.
FRTC-DE will provide opportunities to increase JTC’s market share in the wider private client services market in the US, according to the company.
It follows JTC’s recent acquisitions of South Dakota Trust Company and New York Private Trust Company.
The transaction remains subject to final regulatory approvals and the satisfaction of other customary closing conditions.
Nigel Le Quesne, Chief Executive Officer of JTC, said: “We are delighted to announce the proposed acquisition of First Republic Trust Company, subject to final regulatory approvals, and are looking forward to welcoming their highly experienced team and clients to JTC, as we further develop and expand our personal trust services in this large and fast-growing market.
"This is an acquisition that builds on our other recent successful acquisitions, bringing us greater scale in the US and providing opportunities to offer our wider range of services to First Republic Trust Company’s clients.”
Pictured top: Nigel Le Quesne, Chief Executive Officer of JTC.
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