Isle of Man Today
Tuesday, December 6, 2016
Wednesday, February 1, 2017
SMP Partners Group has completed the acquisition of Royal Bank of Canada’s (RBC) trust and fund administration business in The Bahamas, expanding its operations into the Caribbean.
It will operate from offices in Lyford Cay, with Stephen Turner, CEO – Caribbean Region, leading the team and Deidree Bain, director, who is transferring from RBC, managing the operation and working with Stephen to expand the service offering.
In November last year, SMP Partners announced it had entered into an agreement to purchase RBC’s trust, fund administration and custody business across the Caribbean region, which includes businesses in The Bahamas, Barbados and Cayman.
The Bahamas portion of the transaction, which was subject to standard regulatory approvals and customary closing conditions, was concluded last month.
The sale of the Barbados and Cayman businesses will conclude when certain regulatory approvals and customary closing conditions are fulfilled.
Financial terms have not been disclosed.
SMP Partners Group Chairman Steve McGowan said: ‘This acquisition further extends the Group’s global network by establishing our presence in the Caribbean region.
‘We have earned an excellent international reputation as leaders in trust, fund and corporate administration services and look forward to delivering the same high standards to clients from our new offices in Lyford Cay.’
Headquartered in the Isle of Man, the independent SMP Partners Group is wholly owned by its management and is dedicated to providing trust, fund and corporate administration from its offices in the Isle of Man, Switzerland, Hong Kong and now The Bahamas.