NASSAU, BAHAMAS — Global professional services provider JTC has announced its proposed acquisition of Citi Trust, Citigroup’s global fiduciary and trust administration services business.
The acquisition according to JTC complements its existing footprint, enhances its presence in key growth jurisdictions, and solidifies its position as a leading independent provider of global trust services. Citi Trust offers a comprehensive range of tailored trust solutions from seven prestigious jurisdictions: New York, Delaware, South Dakota, Jersey, Singapore, Switzerland, and The Bahamas. The total assets under administration (AUA) for Citi Trust exceed $70 billion, encompassing over 2,000 ultra-high-net-worth (UHNW) client relationships with an average tenure of more than 12 years.
The acquisition includes a highly experienced senior management team with over 150 years of combined trust experience, supported by a skilled global workforce.
Nigel Le Quesne, CEO of JTC PLC stated: “Citi Trust is one of the most established and respected providers of trust services worldwide, and we are thrilled to be selected as the future custodian of its employees and clients. This acquisition is highly complementary to JTC’s existing operations and represents a transformative move for our Group and Private Client Services division. It significantly boosts our presence in key growth markets across the US, Europe, and Asia, while adding resilient, annuity-driven revenue streams to the Group. We eagerly anticipate integrating their experienced team into JTC and seizing the growth opportunities in the global trust and administration market.”
Ida Liu, Head of Citi Private Bank, stated: “The decision to sell our personal trust administration and fiduciary business enables us to concentrate resources on areas that will drive impact and growth for our Wealth business. While JTC will provide top-tier trustee and fiduciary services, we will continue delivering leading investment management, wealth planning, lending, and banking services to our clients. We are confident that our clients and colleagues will benefit from JTC’s dedicated focus on trust administration and are pleased that they will continue to work with the world-class trust administration team they’ve come to rely on at Citi Private Bank. We look forward to a smooth transition and ongoing collaboration.”
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