London-listed fund manager JTC snaps up New York Private Trust

London-listed fund manager JTC has snapped up non-deposit trust company New York Private Trust in cash deal of an undisclosed sum.

JTC said the acquisition will help it further expand its presence in the ‘high growth US market’ and to develop a ‘US domestic trust services offering’.

The Jersey-headquartered company bought another US firm, Missouri-based Segue Partners, in a cash and shares deal last year. 

London-listed fund manager JTC is keen on expanding in the US

NYPTC, based in Delaware, offers a range of fiduciary services to ‘high net worth and ultra-high net worth’ individuals and families, and corporate clients.

These include trust services, estate administration services and white label trust services.

JTC said NYPTC is ‘highly complementary’ to its existing private client operations in the US, which include offices in Miami, New York and South Dakota.

It expects the acquisition to be complete before the end of the year, following regulatory approvals.

Chief Executive Officer Nigel Le Quesne said: ‘NYPTC is a high quality private client business that will expand our existing US footprint and support our ambitions to create a market-leading US domestic trust business.

‘The NYPTC team have an outstanding reputation for delivering the highest levels of client service and taking an innovative approach across a broad spectrum of asset classes.’

JTC shares were down 0.1 per cent to 760p in afternoon trading on Friday.