Evercore will sell the institutional trust and independent fiduciary business of its Evercore Trust Company subsidiary to Newport Group.
According to a press release, the Evercore Trust Company charter will remain with Evercore and the entity will continue providing trust and custody services to Evercore Wealth Management, Evercore's wealth management subsidiary. Terms of the transaction were not disclosed.
Subject to regulatory approval and a client consent process, Newport Group will acquire the client agreements, employees and other assets of the institutional trust and independent fiduciary business, which will be operated through Newport Group’s New Hampshire-chartered trust company, Newport Trust Company.
Completion of the transaction is expected to occur at the end of the third quarter of 2017.
