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, following regulatory approval from the Isle of Man Financial Services Authority.
The ITWS business provides the administration of trust services for international advisory clients. The deal also has the two organizations entering into a strategic relationship in which JTC will offer an extended range of trust administration services to clients.
Merrill Lynch will retain its international wealth management business, including its brokerage accounts, trust assets and international financial advisers.
The conclusion of the acquisition will increase JTC’s global employee numbers to more than 600 and gives it a presence in the Isle of Man. It will also add to the company’s headcount in the key financial centers of the Cayman Islands, Geneva, London, Miami and Singapore, the company said in a press statement.
JTC’s Chairman and CEO Nigel Le Quesne, said, “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.”
He added, “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.”