Imagine a world where financial powerhouses are constantly shifting, merging, and expanding. That's precisely what's happening in the world of trust and private client services, and a recent acquisition is a prime example. Squire Patton Boggs played a pivotal role, acting as legal counsel to JTC PLC in their strategic acquisition of Kleinwort Hambros Trust Company (CI) Limited and its subsidiaries from the Swiss private banking giant, Union Bancaire Privée (UBP).
This deal, initially announced in July 2025, officially closed on October 31, 2025, after all necessary regulatory approvals were secured. Securing these approvals is no small feat; it requires navigating complex legal landscapes and demonstrating compliance with various financial regulations—a testament to the expertise involved.
The Squire Patton Boggs team, spearheaded by London Corporate director James Bradshaw and partner Julian Thatcher, along with Isabelle Sadler, Tom Currie, Sim Basran, and Hetty Tomlin, guided JTC through every step of the process. Their expertise ensured a smooth and legally sound transaction—but what exactly does this acquisition mean for JTC and the wider industry?
For those unfamiliar, JTC PLC, listed on the FTSE, is a global powerhouse in professional services. They specialize in funds, corporate governance, and private client solutions. This acquisition isn't just about growth; it's a strategic move to bolster JTC’s Private Capital Services division. Think of it as adding another key piece to a complex puzzle, allowing them to offer even more comprehensive services.
More specifically, it significantly expands JTC’s presence in the Channel Islands and the UK. And this is the part most people miss... It marks JTC's entry into the UK trust business for the first time, a significant milestone. This move solidifies JTC’s position as a leading independent provider of trust services globally. But here's where it gets controversial... Some might argue that such consolidation could reduce competition within the trust services market. What do you think?
Interestingly, the same Squire Patton Boggs team also advised JTC on their acquisition of Hanway Advisory back in July 2024. This previous deal enhanced JTC’s Global AIFM Solutions business. It's clear that JTC is on an active growth trajectory, strategically acquiring businesses to expand its capabilities and market reach.
In conclusion, this acquisition represents a significant development in the trust and private client services sector. It strengthens JTC's global footprint and expands its service offerings. However, the increasing consolidation within the industry raises important questions about competition and client choice. Do you believe that such acquisitions ultimately benefit clients, or do they lead to fewer options and higher fees? Let us know your thoughts in the comments below!
