Citigroup has agreed to sell its trust services business to JTC, a public financial services firm based on the English Channel island of Jersey that has expanded aggressively through a string of acquisitions.

Citi Trust is a 200-person unit in the company’s private bank that caters to very wealthy people with trust and other complex wealth and estate planning needs. As part of the deal, JTC will provide clients with trustee and fiduciary services, while Citi will continue to provide investment management, wealth planning, lending, and banking services, Ida Liu, head of Citi’s private bank, said in a 16 September press release.