Sept 16 (Reuters) - Professional services provider JTC

said on Monday it has agreed to buy Citigroup's ( C/PN )

global fiduciary and trust administration services business for

$80 million.

The unit 'Citi Trust' serves over 2,000 ultra-high net worth

clients across seven jurisdictions, including New York,

Delaware, Singapore and Switzerland, managing more than $70

billion in assets.

The sale follows Citi CEO Jane Fraser's sweeping overhaul to

improve the bank's performance, reduce costs and simplify its

operations. The lender in recent years has divested from

multiple international retail banking businesses and closed its

municipal securities business.

London-listed JTC expects the deal will expand its U.S.

footprint. After the transaction closes, it will have over 420

employees across eight U.S. cities.

Fiduciary and trust administration services involve managing

assets on behalf of clients, typically catering to

high-net-worth individuals, families, businesses, and charitable

organizations.

Citi first disclosed in August it had initiated the process

to sell the business.