SMP Partners Group, which is headquartered in Douglas, has entered into a purchase and sale agreement to acquire the book of business and certain Cayman-based staff of Cayman National Trust Co. Ltd. (CNT).
SMP Partners Group Chairman Steve McGowan, who is based in the Isle of Man office, said: ‘This acquisition cements our position in Cayman following the acquisition from Royal Bank of Canada earlier this year.
‘We will work closely with CNT to ensure a smooth transition of the book of business. 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 our trust and corporate administration operations in Cayman, further enhancing the services and opportunities for clients and staff.
‘CNT 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.’
Stuart Dack, the Chief Executive of CNC and Chairman of CNT added: ‘This is a strategic decision that will allow Cayman National to focus on its core strengths in banking, securities brokerage, and fund administration. We are pleased to have found the right partner in SMP Partners Group to provide trust and company administration services for our clients, and that it will retain CNT staff to provide excellent continuity of service. We are confident we will have a prosperous and healthy relationship with SMP Partners Group in the future.’
The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in a few months. Financial terms of the transaction remain confidential.
Headquartered in the Isle of Man, the independent SMP Partners Group is wholly owned by its management and is dedicated to providing first class services from its offices in the Isle of Man, Jersey, Switzerland, Hong Kong and the Caribbean.
Photo - Steve McGowan.