Professional services provider JTC has reached an agreement with wealth and asset manager Union Bancaire Privée (UBP) for its proposed acquisition of Kleinwort Hambros Trust Company and its subsidiaries (KHT).

KHT are wholly owned subsidiaries of UBP and have operated for 70 years, offering trust and estate planning services to high net worth (HNW) and ultra HNW families in the Channel Islands and UK.

They also provide offshore share scheme and pension scheme administration services to several global corporate clients.

The acquisition, for an undisclosed sum, is subject to regulatory approvals and standard closing conditions.

Following the completion of the proposed acquisition, KHT will be integrated into JTC’s global Private Client Services arm, building on its previous bank carve outs.

The most recent of these was the acquisition of Citi’s fiduciary and trust administration business, formerly known as Citi Trust.

JTC will remain a partner of UBP post-acquisition, with the bank providing opportunities for JTC to serve its new clients through its range of services.

"We are delighted to announce the proposed acquisition of KHT from UBP,” commented JTC CEO, Nigel Le Quesne.

“We look forward to welcoming the highly experienced team and their clients to JTC, as we further develop and expand our professional trust and corporate services in this large global market.

“Building on our recent successful acquisitions of SDTC and Citi Trust, this acquisition will bring us greater scale in the UK and Channel Islands with added opportunities to offer our wide range of services to KHT’s existing clients."

UBP CEO, Guy de Picciotto, added: “This transaction reflects UBP’s continued strategic focus on our core strengths as a pure-play wealth and asset manager.

“We have long recognised that KHT’s specialised expertise would be best supported within an organisation fully dedicated to trust and fiduciary services.

“We are confident we have found a partner in JTC that shares our commitment to excellence and long-term client service.

“KHT’s clients and teams will benefit from JTC’s scale and focus, and we look forward to continued collaboration while maintaining a strong presence in key jurisdictions."

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