IoM's SMP Partners acquires RBC's Caribbean trust, admin biz

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The SMP Partners Group, an Isle of Man-headquartered corporate services and trusts provider, has acquired the Royal Bank of Canada’s (RBC) trust, fund administration and custodial businesses in two key Caribbean jurisdictions.

SMP Partners said it has now acquired RBC’s trusts and corporate services businesses in the Cayman Islands and Barbados, after having acquired its first Caribbean regional office – in the Bahamas – from RBC last year. The purchase price and other details of the transaction weren’t disclosed, beyond the fact that all the necessary regulatory approvals and closing conditions had been fulfilled.

Stephen Turner, (left, in photo, with SMP Partners group chairman Steve McGowan), who heads up SMP Partners’ Caribbean operations, said the focus for his team there is now on continuing to grow the SMP business there.

“The Group’s expansion into the Caribbean is a landmark development for SMP Partners, and part of its global growth strategy,” he added.

The SMP Partners Group was formed by a management buy-out of the trust and corporate services operation of Fortis Intertrust (IOM) Ltd from the Fortis Intertrust Group in June 2007.

In addition to its offices in the Caribbean and its head office in the Isle of Man, SMP Partners has outposts in Jersey, Switzerland and Hong Kong.  It offers clients a full accountancy service, tax and VAT consultancy and compliance services, fund administration, eGaming consultancy services and advice and expertise in such areas as capital markets, yachts and aircraft ownership.