The SMP Group of Companies, a global professional and financial services group, has today announced a deal to acquire RBC Corporate Services Hong Kong Limited, a division of RBC Investor & Treasury Services. The transaction is subject to regulatory approval.
SMP and RBC have a long history of working together to provide global solutions for private wealth structuring. SMP previously acquired RBC’s Bahamas and Cayman Island corporate services businesses in 2016 and 2017, respectively, in similar deals that delivered significant value for both the SMP Group and the client base. The Caribbean and Hong Kong businesses have continued to work closely together since these acquisitions.
David Hudson, Group CEO of SMP Group, commented:
“Hong Kong is an immensely important jurisdiction for us, in which we are driving impressive growth and raising the bar for internationally compliant corporate and private wealth services. This deal with RBC will accelerate our ambitious plans for the region, in a way that enhances our existing global service offering and brings an extended support network to clients. We’re extremely excited to start working with new colleagues and new clients alike.”
Commenting on the transaction, Andrew Gordon, Managing Director, Asia, RBC Investor & Treasury Services, said:
“Our decision is based on our strategy to focus investments in key markets and products where we have a competitive advantage. We believe it is in the long-term interest of our clients and employees to transfer to SMP, an organization with a focus on corporate services activities.”
The deal has been undertaken with the support of Palatine Private Equity LLP, the UK midmarket private equity house that partnered with SMP in its 2019 management buy-out, with additional debt funding from Apera Asset Management.