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JTC acquires Merrill Lynch’s international trust and wealth structuring business

Date: 26 May 2017

Citywealth

JTC has bought Merrill Lynch Wealth Management’s international trust and wealth structuring business (ITWS) subject to regulatory approvals. The ITWS business provides the administration of trust services for Merrill Lynch Wealth Management’s international advisory clients. Merrill Lynch will retain its international wealth management business, including its brokerage accounts, trust assets and international financial advisers.

With the addition of approximately seventy Merrill Lynch employees, the deal will see JTC’s number of employees rise to almost 600, adding to its footprint in the key global financial centres of the Cayman Islands, Geneva, London, Miami and Singapore. It will also establish JTC in the Isle of Man, giving it a presence in twenty global jurisdictions in total.

Nigel Le Quesne (pictured), JTC’s chair and CEO, commented: “As well as materially growing our private client business, this deal reinforces our long-standing commitment to the Americas region and increases our administration capabilities in Europe and beyond. I am pleased that the existing relationship between JTC and Merrill Lynch will be strengthened further.”

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