SMP Partners to extend its reach to the Caribbean
Russell Bedford Isle of Man firm announces planned acquisition to add offices in Cayman Islands, Bahamas and Barbados.
- (1888PressRelease) November 17, 2015 - Russell Bedford member firm SMP Partners Group, Isle of Man, has announced that it has entered into a purchase and sale agreement to acquire RBC's trust, custody and fund administration businesses in the Caribbean.
"This acquisition will establish our presence in the Caribbean region and further extend our global network," said Steve McGowan, SMP Partners group chairman. "Our Group has established an international reputation as leaders in trust, fund and corporate administration and we look forward to continuing the delivery of the high standard of service provided by the RBC team."
The independent SMP Partners Group is wholly owned by its management and headquartered in the Isle of Man. It is dedicated to providing trust, fund and corporate administration with offices in the Isle of Man, Switzerland, Hong Kong and Dubai. It has a global client base, solutions spanning over 60 different jurisdictions and extensive experience in trust and company management, fund administration, tax, corporate law and accounting.
"We will work closely with RBC to ensure a smooth transition of the businesses. 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 Caribbean trust, fund and corporate administration operations as part of the SMP Group, further enhancing the services and opportunities for clients and staff," added McGowan.
In 2014 RBC announced that it was building a more focused and scalable wealth management business. "Finding a good fit for our employees and clients was our focus in ensuring the long-term success of our Caribbean Wealth Management businesses. We believe we have found this in the SMP Partners Group. The Caribbean remains a key part of our overall RBC strategy through our other Caribbean-based businesses, including retail and commercial banking and our RBC Dominion Securities investment business," said Stuart Rutledge, Head of RBC Wealth Management International.
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 were not disclosed.
About The SMP Partners Group
The SMP Partners Group is a leading independent trust and corporate services provider which has secured its position over the past three decades by offering a superior level of expertise combined with its focus on delivering results. With offices in the Isle of Man, Hong Kong, Zurich and Dubai, it also provides a full accountancy service, tax and VAT consultancy and compliance, fund administration and an impressive portfolio of specialist services covering capital markets, space and satellite and yachts and aircraft.
Contacts:
Steve McGowan, Group Chairman
SMP Partners Group
T: +44 1624 683238
E : steve.mcgowan ( @ ) smppartners dot com
W: www.smppartners.com
Stephen Turner, Group COO
SMP Partners Group
T: +44 1624 683216
E : stephen.turner ( @ ) smppartners dot com
W: www.smppartners.com
About Russell Bedford International
Established in 1983, Russell Bedford International is a global network of independent firms of accountants, auditors, tax advisers and business consultants. Ranked amongst the world's leading accounting and audit networks, Russell Bedford is represented by some 600 partners, 5000 staff and 290 offices in more than 100 countries in Europe, the Americas, the Middle East, Africa and Asia-Pacific. Russell Bedford International is a member of the IFAC Forum of Firms and a member of EGIAN, the European Group of International Accounting Networks and Associations.
Russell Bedford's London member Lubbock Fine is represented in the Cayman Islands through its Russell Bedford (Cayman) division. This practice is registered to undertake the audits of Cayman Island Monetary Authority Regulated (CIMAR) funds.
Contact:
Kempton Bedell-Harper
Russell Bedford International
T: +44 20 7410 0339
E: kempton.bedell-harper ( @ ) russellbedford dot com
W: www.russellbedford.com
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