From Investing.com: 2024-09-16 08:20:42

JTC acquires Citigroup’s global fiduciary and trust administration services business for $80 million, expanding its reach to over 2,000 ultra-high net worth clients managing more than $70 billion in assets across seven jurisdictions.

The sale aligns with Citi CEO Jane Fraser’s efforts to streamline operations and improve performance, following the divestment from multiple international retail banking businesses in recent years.

London-listed JTC expects the acquisition to strengthen its presence in the U.S., with plans to have over 420 employees across eight cities after the deal closes.

Fiduciary and trust administration services target high-net-worth clients, handling asset management for individuals, families, businesses, and charitable organizations. Citi initiated the sale process in August.



Read more at Investing.com: Citigroup sells trust services unit to JTC for $80 million By Reuters