Independent fiduciary, funds and corporate service provider JTC has confirmed its acquisition of 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.
In addition, Merrill Lynch and JTC have entered into a strategic relationship whereby JTC will offer a range of trust administration services to new and existing international advisory clients.
Merrill Lynch will retain its international wealth management business, including its brokerage accounts, trust assets and international financial advisors.
With the addition of 70 Merrill Lynch employees, the deal will see JTC’s number of employees rise to almost 600, adding to its footprint in the Cayman Islands, Geneva, London, Miami and Singapore.
It will also establish JTC in the Isle of Man, giving it a presence in 20 global jurisdictions in total.