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JTC buy JP Morgan Chase unit for $21m
(Sharecast News) - Global professional services business JTC said it had bought JP Morgan Chase subsidiary First Republic Trust Company of Delaware for $21m. FRTC-DE is a provider of trust administration services to high-net-worth individuals and is headquartered in Wilmington, Delaware. The company has approximately $9bn of assets under administration by market value, JTC said on Monday.
Post-completion of the acquisition, FRTC-DE will become part of JTC's Private Client Services division.
Reporting by Frank Prenesti for Sharecast.com
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