Trust and corporate services provider SMP Partners held its official launch event at The Ritz-Carlton, Grand Cayman on Sept. 14 and announced its further expansion in Cayman.
The group, whose headquarters is in the Isle of Man, entered the Cayman Islands when it acquired RBC Wealth Management in Cayman, Barbados and the Bahamas.
SMP Partners CEO Steve McGowan announced at the event that subject to the approval of the Cayman Islands Monetary Authority, the group had reached an agreement to buy the book of business and certain staff of Cayman National Trust Co. Ltd., Cayman National Corp.’s wealth management portfolio.
In a press statement, Mr. McGowan said the acquisition cements SMP’s position in Cayman following the acquisition from Royal Bank of Canada earlier this year.
He said his group will work closely with Cayman National Trust Co. to ensure a smooth transition of the book of business over to SMP.
“The SMP Partners Group is known for investing time to build long-term relationships with clients and applying our collective expertise and experience to build and manage tailored solutions that fit precisely with the requirements of our clients.
“This agreement is an opportunity to grow the Cayman trust and corporate administration operations as part of the SMP Group, further enhancing the services and opportunities for clients and staff,” he said.
“[Cayman National Trust Co.] has offered fiduciary services for more than 40 years in the Cayman Islands, and has a long and distinguished history. We are pleased that CNT has chosen SMP to continue with that tradition and provide the right solutions to their clients,” Mr. McGowan added.
Caribbean region CEO Stephen Turner reiterated at the launch event SMP’s desire to embrace the Cayman culture within its firm, and its intention to give its team every possible opportunity for career progression and personal development. He noted that the company currently employs nearly 250 people across its offices in the Isle of Man, Switzerland and Hong Kong.
Guests at the event included Premier Alden McLaughlin, Minister of Finance Roy McTaggart and Minister of Financial Services Tara Rivers, in addition to members of the financial services industry.
Emphasizing the group’s commitment to support the communities, SMP Partners further announced it has chosen Feed Our Future as its charity of choice for 2017/2018.
The company’s team in Cayman will support the charity both financially and by taking part in fundraising events over the next 12 months.