By Mark Battersby From International Adviser

Isle of Man headquartered SMP Partners Group has acquired offices in the Cayman Islands and Barbados following completion of its purchase of Royal Bank of Canada’s trust, fund administration and custodian business in the Caribbean.

The international corporate and trust service provider, which acquired its first Caribbean regional office in the Bahamas from RBC in Q4 of 2016, sealed the deal after gaining regulatory approvals and customary closing conditions.

The price paid for the two offices and other related financial terms were not disclosed.

Stephen Turner, SMP’s chief executive for the Caribbean region, said: “The group’s expansion into the Caribbean is a landmark development for SMP Partners and part of its global growth strategy.

“The acquisition was carefully managed to ensure a smooth transition, and we are now not only offering enhanced services to existing clients but are also intent on growing our regional presence through business development activities and cross selling opportunities across our wider international business.”

In January, SMP Partners was granted a licence by the Jersey Financial Services Commission and opened an office on the island.

SMP Partners Group is wholly owned by its management with offices in the Isle of Man, Jersey, Switzerland, Hong Kong and the Caribbean.

For more on this story go to: http://www.international-adviser.com/news/1035865/smp-partners-buys-royal-bank-canada-offices-caribbean