JTC snaps up Citi Trust as it continues transatlantic takeover spree

FTSE 250 corporate solutions firm JTC has struck an $80m (£60.7m) deal to expand its financial services division with a new acquisition – the latest in a string of recent takeovers.

The London-listed company, which is headquartered in the city, revealed it had bought out the US-based fiduciary business Citi Trust from Citi Bank in a move it hopes will boost its presence in North America.

Citi Trust has been offering financial services in the US for almost 200 years, with operations in New York, Delaware, South Dakota, Jersey, Singapore, Switzerland and the Bahamas.

The company’s total assets under investment are worth around $70bn (£53.1bn) with around 2,000 high net worth individuals on its client list.

This is the latest in a string of acquisitions for JTC, which snapped up New York Private Trust Company in November 2022, South Dakota Trust Company in August 2023, and First Republic Trust Company of Delaware in August 2024.

Nigel Le Quesne, CEO of JTC, said: “Citi Trust is one of the most established and well-respected providers of trust services globally and we are delighted to have been chosen as the future custodian of its employees and clients.

“The acquisition is extremely complementary to JTC’s existing footprint. It is a transformational transaction for the Group and our private client services division, increases our presence in key growth markets in the US, Europe and Asia, and brings further resilient annuity driven revenue to the group.

“We look forward to welcoming their highly experienced team to JTC, so that together we can capture the future growth opportunities that the global trust administration market offers”.

Ida Liu, Head of Citi Private Bank, said: “The decision to sell our personal trust administration and fiduciary business allows us to focus our resources on areas that will create impact for our global clients and drive growth for our wealth business.

“We will continue to provide clients with leading investment management, wealth planning, lending and banking services, while JTC will provide the highest quality trustee and fiduciary services.

“We are confident our clients and colleagues will benefit from JTC’s singular focus on trust administration and we are pleased our clients will continue to work with the world-class trust administration team they’ve relied on at Citi Private Bank.

“We look forward to working together as we transition this part of our business.”