Butterfield has completed the acquisition of Deutsche Bank’s Global Trust Solutions business outside of the United States. The GTS portfolio consists of some 1,000 trust structures for approximately 900 clients.

More than 60 Deutsche Bank employees have joined Butterfield as part of the acquisition.

The former Deutsche Bank employees and Global Trust Solutions accounts have transitioned to Butterfield, and since April 2, all trust and fiduciary services for former Deutsche trust clients are conducted from Butterfield locations in Cayman, Guernsey, Switzerland, Singapore and Mauritius.

Butterfield originally announced the agreement with Deutsche Bank to acquire the Global Trust Solutions business and take over the ongoing management and administration of the GTS portfolio in October 2017.

For Deutsche Bank, the sale of the trust business is part of a plan to simplify the business and focus on core markets, Fabrizio Campelli, the firm’s head of wealth management said at the time.

Michael Collins, Butterfield’s chairman and chief executive officer, in a statement thanked the transition teams from both organizations who have worked on the transfer and integration of the GTS.

“GTS clients and their advisers can look forward to working with many of the same trust professionals they came to know at Deutsche Bank, who are now part of an expanded international trust team at Butterfield,” Mr. Collins said. “We also look forward to continuing to provide Deutsche Bank wealth managers with a broad range of international trust and fiduciary services to help address their clients’ wealth structuring needs going forward.”

As part of the acquisition, Butterfield established a Singapore trust company.

“This platform will allow us to spend more time with our long-term trust clients in Asia, relationships that date back over thirty years,” Mr. Collins said.

It will also allow Butterfield to develop new relationships with ultra-high net worth clients throughout the region, he added.

In February of this year, Butterfield also reached an agreement to acquire Deutsche Bank’s banking and custody business in the Cayman Islands. Butterfield said it will offer positions to the “majority” of the Deutsche Bank employees available to transfer along with the acquired business, which provides services primarily to financial intermediaries and corporate clients.

According to Butterfield, this acquisition will help establish a foothold in Jersey and increase scale and market share in Cayman and Guernsey. The bank expects the deal to increase its deposit base by about 20 percent.

The transaction is expected to close by the end of the year.

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