JTC, a global professional services business headquartered in Jersey, has made a new acquisition in the US, adding to others it has concluded in the country.

JTC has just announced its proposed acquisition of First Republic Trust Company of Delaware (FRTC-DE), a subsidiary of JP Morgan Chase Bank, as the Jersey-headquartered group bolsters its position as a provider of trust administration services in the US.

FRTC-DE provides trust administration services to high net worth individuals and is headquartered in Wilmington, Delaware. The company has about $9 billion of assets under administration by market value and has a team of trust professionals with expertise in administering trusts.

When the acquisition is wrapped up, FRTC-DE will become part of JTC’s Private Client Services (PCS) division, the firm said. The acquisition of FRTC-DE builds on JTC’s position as a provider of trust services in the US, bringing further scale in this large, fragmented market, it said.  

FRTC-DE runs alongside JTC’s other recent acquisitions of South Dakota Trust Company and New York Private Trust Company.  As with previous acquisitions, JTC wants FRTC-DE to provide opportunities to increase market share in the wider US private client services market, supported by JTC’s Private Office services together with accounting, regulatory reporting and family governance services.

The transaction remains subject to final regulatory approvals and the satisfaction of other customary closing conditions.

To view other stories about JTC's moves in the US, see more here and here.