JTC acquires South Dakota Trust Company for $270m

Thursday 06 July 2023

JTC has agreed to acquire South Dakota Trust Company, with an aim of establishing itself as a leading independent provider of administration services to the US personal trust sector.

SDTC provides access to over 1,700 high net worth and ultra-high net worth family clients, including more than 100 billionaires and 350 centimillionaires.

JTC's US Private Client Services operations, which were established in 2013, already include presence in South Dakota.

Following the acquisition, JTC will have a total of 15 US offices, including both Private Client Services and Institutional Client Services.

"SDTC is a great addition to the JTC Group," Nigel Le Quesne, CEO of JTC, said. "It is a market-leader in the fast-growing personal trust market in the US, which in turn is the largest in the world. It has a highly committed service-focused team with deep client relationships, an outstanding track record of profitability and growth, and is hugely complementary to our existing US operations, particularly our existing South Dakota business and building on our acquisition of NYPTC last year."

He added: "Not only does it bring us greater scale in the US, it also provides significant opportunities to offer our wider private client services to their high net worth and ultra-high net worth family clients. The acquisition also very much delivers on our previously announced strategy to grow a market leading US personal trust business. We are delighted to welcome SDTC's valued colleagues, clients and partners and very much look forward to the significant opportunities ahead of us in this exciting growth market."

"We are delighted to join JTC. We have an enormous amount in common including our commitment to our clients, our culture and our professional expertise. We know the JTC team well having worked with them for over seven years, and see significant opportunities to expand our combined offering to clients and their advisors, so that we can meet more of their needs in this fast-growing private client market," added Al W. King III, Co-Founder and Co-Chief Executive Officer of SDTC, said.