SMP Group has confirmed that it has secured all necessary regulatory approvals and completed a management buyout first announced in February. The trust services provider obtained approvals from seven different financial services regulators.
The deal has been backed by Palatine Private Equity LLP, a UK mid-market private equity house, with additional debt funding from Apera Asset Management.
Former Group Business Development Director David Hudson is moving into the role of Group CEO, supported by an executive board drawn from within the existing leadership team.
The additions to the group board are Anne Baggesen, Ian Begley, Daniel Cadamy and Ted Pepper, while Steve McGowan will remain as a non-executive director and Stephen Turner continues as CEO of the Caribbean region.
Group CEO David Hudson described the completion of the management buyout with the blessings of the regulators in each of the firm’s jurisdictions as a significant milestone for SMP. “What we are celebrating today is a big step, but not the only one, and our positive momentum as a group continues to build day by day as we invest and develop every area of our business,” Hudson said.
Andy Lees, partner at Palatine Private Equity, said SMP’s management team had ambitious plans, including a buy and build programme with several targets already identified. “We look forward to supporting the team over this exciting phase of development,” he said.
SMP Group was established in 2007 and is headquartered in the Isle of Man. The international provider of fund administration and corporate and trust services employs more than 200 people in seven offices, including in Jersey, Switzerland, Malta, Hong Kong, the Cayman Islands and the Bahamas.