The acquisition, which is still subject to regulatory approvals, will establish JTC on the Isle of Man, giving the fund, corporate and fiduciary services company a presence in 20 jurisdictions
It will also add around 70 Merrill Lynch employees, bringing JTC’s number to almost 600.
Strategic relationship
In addition, Merrill Lynch and JTC have entered into a strategic relationship whereby JTC will offer a range of trust administration services to new and existing international advisory clients.
Merrill Lynch will retain its international wealth management business, including its brokerage accounts, trust assets and international financial advisers.
Nigel Le Quesne, JTC’s chairman and chief executive, said: “We look forward to demonstrating to incoming clients that JTC is a fantastic fit for their administration and wealth structuring needs and for our new colleagues, we will provide an innovative, dynamic and client-focused environment in which to work and grow.”
Don Plaus, head of Merrill Lynch’s Private Banking & Investment Group, International and Institutional, said: “We believe our clients will benefit from their deep experience in trust administration and structures in our key markets.”
Expansion
Talking about JTC’s ongoing expansion, Le Quesne added: “As well as materially growing our private client business, this deal reinforces our long-standing commitment to the Americas region and increases the strength and depth of our administration capabilities in Europe and beyond.”
