JTC to acquire the global fiduciary and trust administration services business or Citigroup for $80m.

JTC, a global professional services provider, agreed to acquire the global fiduciary and trust administration services business or Citigroup, an American multinational investment bank and financial services company, for $80m. "Citi Trust is one of the most established and well-respected providers of trust services globally and we are delighted to have been chosen as the future custodian of its employees and clients. The acquisition is extremely complementary to JTC's existing footprint. It is a transformational transaction for the Group and our Private Client Services Division, increases our presence in key growth markets in the US, Europe and Asia, and brings further resilient annuity driven revenue to the Group. We look forward to welcoming their highly experienced team to JTC, so that together we can capture the future growth opportunities that the global trust administration market offers," Nigel Le Quesne, JTC CEO.