Corporate service provider JTC has confirmed its acquisition of Merrill Lynch Wealth Management’s International Trust and Wealth Structuring business.
With the addition of around 70 Merrill Lynch staff, the deal will see JTC’s number of employees rise to almost 600, adding to its footprint in the key global financial centres of the Cayman Islands, Geneva, London, Miami and Singapore.
It will also establish JTC in the Isle of Man, giving it a presence in 20 global jurisdictions in total, following its recent acquisition of New Amsterdam Cititrust in the Netherlands.
Strategic Relationship
The International Trust and Wealth Structuring business provides the administration of trust services for Merrill Lynch Wealth Management’s international advisory clients.
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.
Regulatory Approvals
Merrill Lynch will retain its international wealth management business, including its brokerage accounts, trust assets and international financial advisors.
The deal is subject to regulatory approvals.
