JTC, the global provider of fund, corporate and private client services, has confirmed the completion of its acquisition of TC3 Group Holdings, trading as South Dakota Trust Company.
South Dakota Trust Company is an independent provider of administration services to the US personal trust sector, for a maximum consideration of $270 million.
The acquisition was announced on 14 June 2023 and has now received US merger control and South Dakota regulatory approvals.
The acquisition establishes JTC as the leading independent provider of administration services to the US personal trust sector, provides strong growth opportunities, and significantly strengthens and scales JTC’s US platform.
Nigel Le Quesne, CEO of JTC, said: “We are delighted to welcome our new SDTC colleagues, clients and partners to JTC. Together we have significant opportunities to meet a wider range of clients’ needs, building on our existing strong presence in the US market. This, in turn, will help maintain our growth momentum, contributing to our Cosmos era business plan, the highlights of which we look forward to sharing at our results on the 12 of September”.