REG - JTC PLC - Proposed Acquisition of Kleinwort Hambros Trust

JTCAnnouncement

Thu 07:01

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RNS Number : 3603T  JTC PLC  31 July 2025

31 July 2025

 

JTC PLC

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

 

Proposed Acquisition of Kleinwort Hambros Trust Company (CI) Limited

 

JTC reinforces its position as the leading independent provider of trust
services

 

JTC, the global professional services business, is pleased to announce the
proposed acquisition of Kleinwort Hambros Trust Company (CI) Limited and its
subsidiaries (together "KHT"), which are wholly owned subsidiaries of Union
Bancaire Privée, UBP SA ("UBP"), for total consideration of £20 million,
which will be settled in cash.

 

Background to KHT

KHT is expert in providing trust and estate planning services to ultra and
high net worth individuals and families, maintaining long relationships and
having operated in the industry for over 70 years. This aligns strongly with
JTC's focus on fostering long-term, growth orientated relationships and
delivering excellent service to clients.

 

In addition, KHT also provides share scheme and pension scheme administration
services to several high-quality global corporate clients, which enhances and
supports JTC's leading Employer Solutions service offering, which forms part
of the Institutional Client Services ("ICS") Division.

 

Except for the Employer Solutions book, following completion of the
acquisition, KHT will be integrated into JTC's global Private Client Services
("PCS") Division.

 

Strategic Rationale

The recent acquisition of Citi's global fiduciary and trust administration
business, formerly known as Citi Trust*, cemented JTC as the leading
independent provider of trust services globally, and this proposed KHT
transaction is highly complementary to JTC's existing PCS offering. The
addition of KHT to the Group will strengthen JTC's trust presence in the
Channel Islands and adds a UK trust business for the first time.

 

The proposed acquisition builds on JTC's strong track record of bank carve
outs, which includes the acquisition of Kleinwort Benson's fund administration
business in 2015; Merrill Lynch's international trust & wealth structuring
business in 2017; RBC's employee benefit plan administration business in 2021;
First Republic Trust Company of Delaware from JPMorgan in 2024; and the global
fiduciary and trust administration services business from Citi in 2025.

Post-completion JTC will partner with UBP and foster a collaborative
relationship with the wider bank, through which JTC will benefit from the
referral of new clients and trust relationships.

 

The transaction remains subject to final regulatory approvals and satisfaction
of other customary closing conditions.

 

The acquisition is expected to complete in Q4, 2025 and be accretive to EPS in
2026. Future growth in the business will be supported by leveraging JTC's
leading position within the Channel Islands' personal trust market and
expanding its Employer Solutions offering.

 

Nigel Le Quesne, Chief Executive Officer of JTC, said:

"We are delighted to announce the proposed acquisition of KHT from UBP. 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."

 

Guy de Picciotto, CEO of UBP, 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."

 

Enquiries

 

 JTC PLC                                          +44 (0) 1534 700 000
 Nigel Le Quesne, Chief Executive Officer
 Martin Fotheringham, Chief Financial Officer
 David Vieira, Chief Communications Officer

 Camarco
 Geoffrey Pelham-Lane                             +44 (0) 7733 124 226
 Sam Morris                                       +44 (0) 7796 827 008
 (JTC@camarco.co.uk (mailto:JTC@camarco.co.uk) )

 

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 our stakeholders. Our purpose is to maximize
potential, and our success is built on service excellence, long-term
relationships and technology capabilities that drive efficiency and add value.

http://www.jtcgroup.com (http://www.jtcgroup.com/)

 

 

* Citi Trust is a service mark of Citigroup Inc. used under license.

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