Corporate service provider JTC has confirmed its acquisition of Merrill Lynch Wealth Management’s International Trust and Wealth Structuring business (ITWS), following regulatory approval from the Isle of Man Financial Services Authority.
The ITWS business, which will now be assimilated into JTC’s Private Wealth Services division, provides the administration of trust services for international advisory clients.
The deal gives JTC a presence in the Isle of Man for the first time. It sees the two organisations entering into a strategic relationship whereby JTC will offer an extended range of trust administration services to clients.
Merrill Lynch will retain its international wealth management business, including its brokerage accounts, trust assets and international financial advisers.