JTC to buy US private client service business NYPTC

JTC said on Friday that it has agreed to buy New York Private Trust Company (NYPTC), a non-deposit trust company headquartered in Delaware in the US, for an undisclosed sum.

NYPTC offers a broad range of fiduciary services, including trust services, estate administration services and white label trust services to high net worth and ultra-high net worth individuals and families and corporate clients.

JTC said the proposed acquisition supports its strategy to further develop its presence in the high growth US market and in particular, to develop a US domestic trust services offering.

It said NYPTC is "highly complementary" to its existing private client operations in the US, which have grown organically since 2013 and include well-established offices in Miami, New York and South Dakota.

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. In anticipation of formal completion, we extend a warm welcome to our new colleagues and clients."

No financial details were disclosed.