The SMP Partners Group has acquired Royal Bank of Canada’s trust, fund administration and custodian business in the Caribbean.
The independent trust and corporate services provider has acquired RBC’s offices in the Cayman Islands and Barbados. It bought its first regional office from RBC in the Bahamas late last year.
The transaction was subject to standard regulatory approvals and customary closing conditions, which have now been fulfilled, SMP Partners announced. Financial terms have not been disclosed.
Caribbean region CEO Stephen Turner said his team is focused on continuing to grow the business.
“The group’s expansion into the Caribbean is a landmark development for SMP Partners and part of its global growth strategy,” he said. “The acquisition was carefully managed to ensure a smooth transition, and we are now not only offering enhanced services to existing clients, but are also intent on growing our regional presence through business development activities and cross selling opportunities across our wider international business.”
SMP Partners Group Chairman Steve McGowan said, “I am delighted by this acquisition … it further extends the group’s global network by establishing our presence across the Caribbean …. We look forward to continuing to deliver the same high standards to clients from our new offices.”
Isle of Man-headquartered SMP Partners Group is wholly owned by its management and has offices in the Isle of Man, Jersey, Switzerland, Hong Kong and now the Caribbean.