Proposed Acquisition of NYPTC

RNS Number : 2942X

JTC PLC

26 August 2022

 

26 August 2022

JTC PLC

(the "Company"  and together with its subsidiaries  " JTC "  or the  " Group " )

Proposed Acquisition of New York Private Trust Company ("NYPTC")

A bolt-on US private client services business with an established presence in Delaware

JTC, the global professional services business, is pleased to announce the proposed acquisition of New York Private Trust Company ("NYPTC"), a Delaware non-deposit trust company, headquartered in Delaware, USA. NYPTC offers a broad range of fiduciary services, including trust services, estate administration services and white label trust services to high net worth and ultra-high net worth individuals and families and corporate clients.

The proposed acquisition of NYPTC supports JTC's strategy to further develop its presence in the high growth US market and in particular, to develop a US domestic trust services offering. NYPTC is highly complementary to JTC's existing private client operations in the US, which have grown organically since 2013 and include well-established offices in Miami, New York and South Dakota.

The consideration will be settled in cash. The transaction remains subject to various closing conditions and final regulatory approvals and is expected to complete before the end of the year at which time further detail will be provided.

Nigel Le Quesne, CEO of JTC, said:

"We are delighted to announce the proposed acquisition of New York Private Trust Company, subject to final regulatory approvals. NYPTC is a high quality private client business that will expand our existing US footprint and support our ambitions to create a market-leading US domestic trust business. The NYPTC team have an outstanding reputation for delivering the highest levels of client service and taking an innovative approach across a broad spectrum of asset classes. In anticipation of formal completion, we extend a warm welcome to our new colleagues and clients."

Ends.

Enquiries:

JTC PLC    [phone]

Nigel Le Quesne, Chief Executive Officer 

Martin Fotheringham, Chief Financial Officer

David Vieira, Chief Communications Officer

Camarco  [phone]

Geoffrey Pelham-Lane 

Georgia Edmonds

Sam Morris

About JTC

JTC is a publicly listed, global professional services business with deep expertise in fund, corporate and private client services. Every JTC person is an owner of the business and this fundamental part of our culture aligns us with the best interests of all of our stakeholders. Our purpose is to maximise potential and our success is built on service excellence, long-term relationships and technology capabilities that drive efficiency and add value. 

www.jtcgroup.com

Important Notices

The person arranging release of this announcement on behalf of JTC is David Vieira (Chief Communications Officer).

The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any other jurisdiction should inform themselves about, and observe, any applicable requirements. This announcement has been prepared for the purposes of complying with the Listing Rules and MAR and the information disclosed may not be the same as that which would have been prepared in accordance with the laws and regulation of any jurisdiction outside of England.

This announcement contains forward looking statements. No forward-looking statement is a guarantee of future performance and actual results or performance or other financial condition could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact they do not relate only to historical or current facts. They may contain words such as "may", "will", "seek", "continue", "aim", "anticipate", "target", "projected", "expect", "estimate", "intend", "plan", "goal", "believe", "achieve" or other words with similar meaning. By their nature forward looking statements involve risk and uncertainty because they relate to future events and circumstances. A number of these influences and factors are outside of the Company's control. As a result, actual results may differ materially from the plans, goals and expectations contained in this announcement. Any forward-looking statements made in this announcement speak only as of the date they are made. Except as required by the FCA or any applicable law or regulation, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement.

 

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