SMP Partners announced that it has completed the acquisition of Solaris Corporate Services Limited. Solaris was previously the corporate services affiliate of Solomon Harris, a Cayman law firm that recently merged with international firm Bedell Cristin.
The transaction has been approved by CIMA and closed on Nov. 8. Financial terms of the transaction were not disclosed.
SMP Partners Group Chairman Steve McGowan said the acquisition further consolidates the firm’s position in Grand Cayman following the acquisitions of the trust, corporate, custody, and fund administration business from Royal Bank of Canada and the trust and corporate book of business from Cayman National last year.
The firm started to administer the book of business on Sept. 1 and will continue to work closely with Solomon Harris and Bedell Cristin to ensure a smooth transition of the book of business over to SMP, said Stephen Turner, the group’s CEO in the Caribbean region. Solaris will operate as a subsidiary of SMP Partners (Cayman) Limited with its own dedicated team and Solomon Harris will continue to act as legal advisers for clients.
“This agreement is an opportunity to grow our Cayman corporate administration operation, further enhancing the breadth of services and opportunities for our clients and staff,” Mr. Turner said in a press release.
“We see great opportunity for the further growth of our group both here in Grand Cayman and in the Bahamas, and will continue to look for similar acquisition opportunities with like-minded businesses,” he added.
The SMP Partners Group employs more than 200 professional staff and is headquartered in the Isle of Man. It provides trust, custody, fund, corporate administration and accounting services with offices Cayman, the Isle of Man, the Bahamas, Jersey, Hong Kong, Malta and Switzerland.