Acquisition of South Dakota Trust Company Establishes as the Leading Independent Provider of Administration Services to the US Personal Trust Sector
Summary
JTC, the global provider of fund, corporate and private client services, is pleased to announce that it has entered into a definitive agreement to acquire TC3 Group Holdings LLC trading as South Dakota Trust Company (SDTC), the leading independent provider of administration services to the US personal trust sector, for a maximum consideration of $270 million (the Acquisition).The acquisition of SDTC establishes JTC as the leading independent provider of administration services to the US personal trust sector. The circa $1.2 trillion Assets under Administration (AuA) US personal trust market is highly attractive with strong structural growth drivers.SDTC provides access to over 1,700 high net worth and ultra-high net worth family clients, including more than 100 billionaires and 350 centimillionaires, based on a large intermediary network, which delivers predictable revenues. With increased scale and JTCs additional service offering, such as its Private Office, which provides corporate, accounting, regulatory reporting and family governance services, the acquisition will provide opportunities to increase share of wallet in the wider private client services market in the US.The acquisition significantly strengthens JTCs US platform and builds on JTCs track record of acquisitions in the US. The Groups complementary US Private Client Services operations, which were established in 2013, already include a material presence in South Dakota and were further strengthened with the acquisition in 2022 of New York Private Trust Company, a Delaware-chartered non-deposit trust company.Post completion of the Acquisition, JTC will have a total of 15 US offices, including both Private Client Services and Institutional Client Services, spanning the East to the West coast, with over 300 employees, enabling JTC to further develop and expand its personal trust services offering in a large and growing market.SDTC is a great addition to the JTC Group. The acquisition also very much delivers on our previously announced strategy to grow a market leading US personal trust business.