Citco Trustees, part of the Citco group of independent financial service providers, has acquired Wells Fargo’s Cayman-based trust business for an undisclosed amount.

Following the sale, the portfolio of Wells Fargo Trust Company will be integrated into Citco’s private client portfolio, and serviced from the latter’s Cayman Islands headquarters.

“We are pleased to have completed this strategic acquisition, which will significantly expand and enhance Citco’s private client business in the Cayman Islands,” said Robert Thomas, managing director of Citco Trustees (Cayman).

The statement contained no further details about plans for the acquired business going forward, and Citco was unable to respond to such a request from Family Wealth Report at the time of going to press.