Independent fund, fiduciary and corporate service provider JTC, which has had a presence in Cayman since 2013, has confirmed the acquisition of Merrill Lynch Wealth Management’s International Trust and Wealth Structuring business.
The business provides the administration of trust services for Merrill Lynch Wealth Management’s international advisory clients.
The transaction is subject to regulatory approvals.
Nigel Le Quesne, JTC’s chairman and CEO, said in addition to “materially growing our private client business, this deal reinforces our long-standing commitment to the Americas region and increases the strength and depth of our administration capabilities in Europe and beyond.”
At the same time, Merrill Lynch and JTC have agreed on a strategic relationship in which JTC will offer a range of trust administration services to new and existing international advisory clients.
Merrill Lynch will retain its international wealth management business, including its brokerage accounts, trust assets and international financial advisers.
“I am pleased that the existing relationship between JTC and Merrill Lynch will be strengthened further, both through interaction with their extensive financial adviser network and JTC’s inclusion on their panel of recommended partners for new business,” Mr. Le Quesne said.
JTC has a 30-year track record in supporting high and ultra-high net worth clients, he noted. “We look forward to demonstrating to incoming clients that JTC is a fantastic fit for their administration and wealth structuring needs and for our new colleagues, we will provide an innovative, dynamic and client-focused environment in which to work and grow.”
With the addition of approximately 70 Merrill Lynch employees, the deal will increase JTC’s number of employees to almost 600 in the key financial centers of the Cayman Islands, Geneva, London, Miami and Singapore. It will also establish JTC in the Isle of Man, increasing its presence to 20 global jurisdictions in total, following its recent acquisition of New Amsterdam Cititrust in the Netherlands.
Don Plaus, head of Merrill Lynch’s Private Banking & Investment Group, International and Institutional, said, “We are pleased to be able to offer our clients access to this award-winning provider of wealth structuring and trust services. We believe our clients will benefit from their deep experience in trust administration and structures in our key markets.”