Independent private wealth, funds and corporate service provider JTC has confirmed the formal completion of its acquisition of Merrill Lynch Wealth Management’s International Trust and Wealth Structuring business (“ITWS”), following regulatory approval from the Isle of Man Financial Services Authority.
The ITWS business, which will now be assimilated into JTC’s Private Wealth Services division, provides the administration of trust services for international advisory clients. The deal also sees the two organisations entering into a strategic relationship whereby JTC will offer an extended range of trust administration services to clients. Meanwhile, Merrill Lynch will retain its international wealth management business, including its brokerage accounts, trust assets and international financial advisors.
JTC’s Chairman and CEO, Nigel Le Quesne, was delighted to complete this milestone transaction:
“JTC remains committed to providing high quality private wealth services, as demonstrated by our track record in servicing high and ultra-high net worth clients. Our new clients will soon see the benefits of partnering with JTC in relation to their administration and wealth structuring needs, while our new colleagues can be assured that they’ll be coming into a dynamic, innovative and client-focused environment.”
The conclusion of this acquisition sees JTC’s global employee numbers rise to over 600 in total and gives it a presence in the Isle of Man for the first time. It will also add to the company’s headcount in the key financial centres of the Cayman Islands, Geneva, London, Miami and Singapore.
Discussing JTC’s continued growth, Mr Le Quesne went on to say:
“On top of adding significantly to our total assets under administration, this demonstrates our ongoing commitment to the Americas region while reinforcing the strength and depth of our global service offering.”