Global professional services provider, JTC, has announced the completion of the acquisition of Citi Trust, the global fiduciary and trust administration services business, from Citi.
This acquisition, completed on 1 July, was first announced in September 2024, and follows the receipt of the applicable change of control and regulatory approvals.
This latest acquisition for JTC’s Private Client Services division is highly complementary to its existing footprint. It bolsters several of JTC’s key growth jurisdictions, including the United States, the Caribbean, Asia and Europe, and cements JTC’s position as the leading independent provider of global trust services.
The acquisition brings with it around 300 skilled professionals from offices worldwide, including an experienced senior management team. As part of the acquisition, Rob Laughlin, former Head of Citi Trust and Wealth Planning, has joined JTC as Group Director – Private Client Services.
Nigel Le Quesne (pictured), CEO of JTC PLC, said: “We are delighted to have been chosen as the new custodian of Citi Trust’s employees and clients. This is a transformational transaction for the Group and our Private Client Services division; it increases our presence in key growth markets in the United States, Europe and Asia, and it brings further resilient annuity driven revenue to the Group, as well as future growth opportunities. We have enjoyed working with the team at Citi on this transition and we are delighted to welcome the highly experienced Citi Trust team to JTC.”
Valentin Valderrabano, COO, Citi Wealth, added: “With the completion of this transaction, our clients will benefit from JTC’s dedicated focus on global trust administration and broader fiduciary services. We thank JTC for their partnership in creating a smooth transition and look forward to continuing to provide leading investment management, wealth planning, lending and banking services to our clients globally.”
