JTC buy JP Morgan Chase unit for $21m

Global professional services business JTC said it had bought JP Morgan Chase subsidiary First Republic Trust Company of Delaware for $21m.

FRTC-DE is a provider of trust administration services to high-net-worth individuals and is headquartered in Wilmington, Delaware. The company has approximately $9bn of assets under administration by market value, JTC said on Monday.

Post-completion of the acquisition, FRTC-DE will become part of JTC's Private Client Services division.

Reporting by Frank Prenesti for Sharecast.com