JTC PLC (LSE:JTC) said it will acquire New York Private Trust Company, a Delaware non-deposit trust company, for cash in order to establish a US domestic trust services offering.
Terms of the deal were not disclosed as several closing conditions and final regulatory approvals remain, the FTSE 250-listed provider of fund management services said in a statement, adding the deal is expected to close before year-end, at which time further details will be announced.
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 purchase will complement JTC's existing private client business in the US, which has grown organically since 2013.
"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," said Nigel Le Quesne, chief executive of JTC.
Shares of the company were trading at 760.94p in London.