JTC has closed the acquisition of Merrill Lynch Wealth Management’s International Trust and Wealth Structuring business (ITWS) for an undisclosed sum after securing the go-ahead from the Isle of Man Financial Services Authority.
ITWS, which administers trust services for international advisory clients, will be incorporated into JTC’s Private Wealth Services unit.
The two parties have also inked a strategic relationship, under which JTC will offer trust administration services to clients.
The deal increases JTC’s headcount to over 600 and offers it entrance into the Isle of Man market.
JTC chairman and CEO Nigel Le Quesne said: “JTC remains committed to providing high quality private wealth services, as demonstrated by our track record in servicing high and ultra-high net worth clients. Our new clients will soon see the benefits of partnering with JTC in relation to their administration and wealth structuring needs, while our new colleagues can be assured that they’ll be coming into a dynamic, innovative and client-focused environment.”
Merrill Lynch will however, continue to operate its international wealth management business that comprises brokerage accounts, trust assets and international financial advisers.