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Photo by Sebastian Herrmann via Unsplash.
Citi Trust to be acquired by JTC
Citi Trust handles $70b of assets owned by UHNW clients.
Professional services provider JTC is acquiring Citi Trust.
Citi Trust is the global fiduciary and trust administration services business of Citigroup’s wealth arm.
Citi first announced its intention to sell its wealth unit’s trust business in August.
Citi Trust operates in seven jurisdictions across the USA, Europe, Singapore, and the Bahamas. It handles $70b in assets under advisory (AUA) across 2,000 ultra high net worth (UHNW) clients, with an average tenure of over 12 years.
The acquisition will bring in Citi Trust’s senior management team, JTC said in a press release.
The amount to be paid for the proposed acquisition is yet to be disclosed.
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