JTC, a Jersey-based institutional and private client service provider, has secured a trust licence in South Dakota from the state’s financial authority.
The licence will allow JTC to offer trust services to its private and corporate customers, particularly those in the Americas and Asia with a US element to their planning needs.
JTC , which has representative offices in Miami and New York, said that South Dakota’s increasing popularity as a jurisdiction for private and institutional clients with US-connected wealth planning requirements, as well as its trust legislation and fiscal regime, were the reasons it was chosen to set up a local office.
JTC Group CEO and chairman Nigel Le Quesne said: “Our presence in key global financial centres continues to expand and evolve and, with that in mind, I’m delighted that we are now able to offer fiduciary services from South Dakota, a jurisdiction with a growing reputation for its progressive trust legislation.
“This legislation is opening up new and exciting opportunities for private and corporate clients with a US element to their financial planning needs. It is this US planning element that was fundamental to our decision to establish ourselves in the jurisdiction.”
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JTC Group managing director of Americas Emilio Miguel said: “We believe that by entering this market we are putting ourselves in a strong position against our key competitors.
“By combining our collective experience and global reach with an independent, boutique experience, we feel we are uniquely placed to offer our global client base a superior service. This is a compelling stage in JTC’s evolution which offers significant opportunities to clients.”
The group also has representative offices in Argentina, Brazil, British Virgin Islands, Cayman Islands, Guernsey, Jersey, Luxembourg, Malta, Mauritius, New Zealand, South Africa, Switzerland and the UK. It also manages alliance offices in Hong Kong, Labuan, Malaysia and Singapore.