Isle of Man-based financial services firm SMP Group has agreed to buy Helm Trust Company, a Jersey-based trust and corporate services provider.

The companies did not reveal the deal value.

The transaction comes close on the heels of SMP’s management buyout by Palatine Private Equity.

SMP already has operations in Jersey. The firm also has presence in Switzerland, Malta, Hong Kong, Cayman Islands as well as the Bahamas.

Currently, the firm’s staff headcount is more than 200.

SMP group CEO David Hudson said: “When we announced our management buyout, we spoke of quickly building momentum in the growth of the group. This deal represents the first step in delivering on that promise.

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“It is an excellent fit for several reasons; Jersey is a key strategic jurisdiction in which we intend to invest heavily, Helm has developed strong networks in overseas markets we currently have limited access to, and it has very similar cultural and infrastructure expectations to the rest of our business.”

The latest deal is pending regulatory nod.

Commenting on the purchase, Helm director Lewis Buckley said: “This is an extremely exciting deal because it brings us the opportunity to internationalise our ambitions whilst offering continuity to staff and clients alike.”