JTC, and Union Bancaire Privée, UBP SA (UBP), a Swiss wealth and asset manager, have reached an agreement on JTC’s proposed acquisition of Kleinwort Hambros Trust Company (CI) Limited and its subsidiaries (together KHT), which are wholly owned subsidiaries of UBP.
Having operated for over 70 years, KHT has built a reputation for its trust and estate planning services to high-net-worth and ultra-high-net-worth families, many of which have remained clients for more than two decades.
In addition, KHT also provides offshore share scheme and pension scheme administration services to several high-quality global corporate clients, which enhances and supports JTC’s Employer Solutions service offering.
Post completion, KHT will be integrated into JTC’s global Private Client Services division, building on the track record of bank carve outs. The most recent of these was the acquisition of Citi’s global fiduciary and trust administration business, formerly known as Citi Trust.
Following completion of this proposed acquisition, JTC will remain a trusted partner of UBP, providing opportunities for JTC to serve the bank’s new clients through its range of services.
The acquisition is subject to regulatory approvals and standard closing conditions.
Nigel Le Quesne, CEO of JTC PLC, added: “We are delighted to announce the proposed acquisition of KHT from UBP. We look forward to welcoming the highly experienced team and their clients to JTC, as we further develop and expand our professional trust and corporate services in this large global market.
“Building on our recent successful acquisitions of SDTC and Citi Trust, this acquisition will bring us greater scale in the UK and Channel Islands with added opportunities to offer our wide range of services to KHT’s existing clients.”
Guy de Picciotto, CEO of UBP, added: “This transaction reflects UBP’s continued strategic focus on our core strengths as a pure-play wealth and asset manager. We have long recognised that KHT’s specialised expertise would be best supported within an organisation fully dedicated to trust and fiduciary services. We are confident we have found a partner in JTC that shares our commitment to excellence and long-term client service. KHT’s clients and teams will benefit from JTC’s scale and focus, and we look forward to continued collaboration while maintaining a strong presence in key jurisdictions.”
