Citigroup to sell trust administration services business to JTC in deal reportedly worth $80m
Citigroup has inked a deal to sell its global fiduciary and trust administration services business, Citi Trust, to JTC, a fund, corporate and private wealth services provider headquartered in Jersey, US, for a reported $80 million.
Citigroup to sell Citi Trust to JTC
A statement by JTC describes the acquisition of Citi Trust as “highly complementary” to its existing private client services division, with the company expecting the deal to bolster several of its “key growth jurisdictions”.
Operating as part of Citigroup’s wealth management division, Citi Trust provides fiduciary and trust services to ultra-high-net-worth (UHNW) individuals globally, operating from New York, Delaware, South Dakota, Jersey, Singapore, Switzerland and the Bahamas.
The business claims in excess of $70 billion in assets under administration across more than 2,000 UHNW client relationships, with an average tenure of over 12 years.
Speaking on the “transformational transaction”, JTC CEO Nigel Le Quesne says the addition of Citi Trust will increase the company’s presence in the “key growth markets” of the US, Europe and Asia, while bringing “further resilient annuity driven revenue” to the group.
JTC previously paid $21 million to acquire First Republic Trust Company of Delaware (FRTC-DE) in an all-cash deal announced in April this year.
