The Bank of N.T. Butterfield & Son has wrapped up the acquisition of Deutsche Bank’s Global Trust Solutions (GTS) arm.
The deal, whose terms were not disclosed, was first announced in October last year.
The deal excludes the US trust operations and covers about 1,000 trust structures for around 900 private clients.
As part of the deal, more than 60 employees of Deutsche Bank have migrated to Butterfield offices in the Cayman Islands, Guernsey, Switzerland, Singapore and Mauritius.
Trust and fiduciary services for former clients of GTS will now be carried out from these locations.
Butterfield chairman and CEO Michael Collins said: “GTS clients and their advisers can look forward to working with many of the same trust professionals they came to know at Deutsche Bank, who are now part of an expanded international trust team at Butterfield. We also look forward to continuing to provide Deutsche Bank wealth managers with a broad range of international trust and fiduciary services to help address their clients’ wealth structuring needs going forward.
“As part of the acquisition, Butterfield established a Singapore trust company. This platform will allow us to spend more time with our long-term trust clients in Asia, relationships that date back over thirty years. It will also allow us to develop new relationships with ultra-high net worth clients throughout the region.
Earlier this year, Butterfield also announced the acquisition of Deutsche Bank’s banking and custody business in the Cayman Islands, Jersey and Guernsey.