JTC has acquired a Merrill Lynch fund administration business that serves high-net-worth clients.
The firm has bought Merrill Lynch International Trust and Wealth Structuring (ITWS) for an undisclosed sum and will add 70 employees from the firm to JTC’s business.
The acquired business provides administration of trust services for Merrill Lynch ITWS international advisory clients.
Merrill Lynch, which is owned by Bank of America, will retain its international wealth management business, including its brokerage accounts, trust assets and international financial advisers.
Don Plaus, head of Merrill Lynch’s private banking and investment group, international and institutional, said clients would benefit from JTC’s “deep experience” in trust administration and structures in its key markets.
JTC’s footprint covers locations including Cayman Islands, Geneva, London, Miami and Singapore. The deal will also establish JTC in the Isle of Man and it follows the acquisition recently of New Amsterdam Cititrust in the Netherlands.
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