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JTC To Acquire First Republic Trust Company of Delaware

Delaware 22nd Apr 2024

Global professional services business, JTC, has announced the proposed acquisition of First Republic Trust Company of Delaware LLC (FRTC-DE), a wholly owned subsidiary of JPMorgan Chase Bank, as it continues to strengthen its position as the leading independent provider of trust administration services in the US.

FRTC-DE is a provider of trust administration services to high-net-worth individuals and 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.

Post-completion of the acquisition, FRTC-DE will become part of JTC’s Private Client Services (PCS) division.

The acquisition of FRTC-DE builds on JTC’s position as the leading independent provider of trust services in the US, bringing further scale in this large, highly valuable, fast-growing and fragmented market.

FRTC-DE is highly complementary to JTC’s other recent acquisitions of South Dakota Trust Company and New York Private Trust Company. As with previous acquisitions, FRTC-DE will provide opportunities to increase JTC’s market share in the wider private client services market in the US, supported by JTC’s Private Office services together with accounting, regulatory reporting and family governance services.

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.”

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