Butterfield has completed its acquisition of Deutsche Bank’s Global Trust Solutions business outside of the US. The portfolio consists of some 1,000 trust structures for approximately 900 clients.
More than 60 Deutsche Bank employees have joined Butterfield as part of the acquisition.
The former Deutsche Bank employees and Global Trust Solutions accounts have transitioned to Butterfield, and since April 2, all trust and fiduciary services for former Deutsche trust clients are conducted from Butterfield locations in Cayman, Guernsey, Switzerland, Singapore and Mauritius.
Butterfield originally announced the agreement with Deutsche Bank to acquire the Global Trust Solutions business and take over the ongoing management and administration of the GTS portfolio in October 2017.
In February of this year, Butterfield also reached an agreement to acquire Deutsche Bank’s banking and custody business in the Cayman Islands.
Michael Collins, Butterfield’s chairman and chief executive officer, 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,” Mr. Collins said. “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.”
Butterfield, Acquisition, Deutsche Bank, Global Trust Solutions, Cayman, Guernsey, Switzerland, Singapore, Mauritius.