Global trust company Summit Trust International is expanding into the Cayman Islands through a joint venture with international private client lawyer and trustee Marcus Parker. The deal is subject to regulatory approval.
Summit was founded in Geneva in 1999 as Close Trustees Switzerland by Daniel Martineau, Stella Mitchell-Voisin and Robin Lee Smith. After a management buyout from the Close Brothers Group, the company was renamed Summit Trust and the majority stake was sold to the South African financial services group Sanlam in 2011.
Announcing the establishment of the Cayman office, Daniel Martineau, executive chairman of Summit, said, “We are delighted to be expanding our trust operations in the Cayman Islands. We have been looking for the right partner for two years unsuccessfully, so when Marcus became available recently, we jumped on it.
“Marcus gives us exceptional trust and legal experience on the ground now in Cayman and will be the managing director and a significant shareholder.”
Mr. Parker has more than 20 years’ experience in the private client industry and was a founding partner of boutique private client law firm New Quadrant Partners in London in 2010. He has been recognized as a leading lawyer and trusted adviser by Chambers and Partners and Citywealth and as one of the global private client elite by Legal Week. He moved to the Cayman Islands at the end of 2013.
Mr. Parker said, “I have known Stella and Daniel for some time and greatly admire them and the Summit business model.”