The Europe-based, the SMP Group of Companies, today 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, the SMP Group of Companies 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 Group is dedicated to providing trust, fund and corporate administration with offices in the Isle of Man, Switzerland, and Hong Kong. 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 Group of Companies 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 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 Group of Companies . 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 -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.