The acquisition of First Republic Trust Company of Delaware (FRTC-DE), a fully owned subsidiary of JPMorgan Chase Bank, is being considered by global professional services company JTC, which is seeking to consolidate its spot as an independent supplier of trust administration services in the US.
With its headquarters located in Wilmington, Delaware, FRTC-DE offers high-net-worth individuals trust administration solutions.
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The firm offers a committed group of trust specialists, all with substantial experience in trust administration, and manages assets valued at about $9bn by market value.
FRTC-DE will be integrated into JTC‘s Private Client Services (PCS) division following the acquisition.
By acquiring FRTC-DE, JTC expands its footprint in a market that is both quickly developing and highly fragmented, solidifying its position as a US provider of trust services.
In addition to South Dakota Trust Company and New York Private Trust Company, JTC’s other recent investments are boosted by FRTC-DE.
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By GlobalDataBased on JTC’s Private Office services, accounting, regulatory reporting, and family governance services, as well as other services, FRTC-DE will present potential to grow JTC’s market share in the larger US private client services market.
The deal is still dependent on final regulatory approvals and the satisfaction of other customary closing conditions.
Nigel Le Quesne, chief executive officer of JTC, shared: “We are delighted to announce the proposed acquisition of First Republic Trust Company, subject to final regulatory approvals, and are looking forward to welcoming their highly experienced team and clients to JTC, as we further develop and expand our personal trust services in this large and fast-growing market. This is an acquisition that builds on our other recent successful acquisitions, bringing us greater scale in the US and providing opportunities to offer our wider range of services to First Republic Trust Company’s clients.”
