JTC shares dipped 0.2% to 759p in early morning trading on Friday, after the fund management services firm announced its proposed acquisition of New York Private Trust Company.
According to JTC, the acquisition will support the its strategy to expand its presence in the US market, and to develop a US domestic trust services branch.
New York Private Trust Company’s Delaware offices will join JTC’s existing US locations in Miami, New York and South Dakota.
The consideration is set to be paid in cash, pending closing conditions and final regulatory approvals.
JTC said it expected the transaction to close before the end of FY 2022, at which time additional details will be reported.
“We are delighted to announce the proposed acquisition of New York Private Trust Company, subject to final regulatory approvals,” said JTC CEO Nigel Le Quesne.
“NYPTC is a high quality private client business that will expand our existing US footprint and support our ambitions to create a market-leading US domestic trust business.”
“The NYPTC team have an outstanding reputation for delivering the highest levels of client service and taking an innovative approach across a broad spectrum of asset classes. In anticipation of formal completion, we extend a warm welcome to our new colleagues and clients.”