SMP Partners, an Isle of Man-based independent trust and corporate services provider, has agreed to purchase RBC’s trust, custody and fund administration businesses in the Caribbean.
Subject to regulatory approvals and customary closing conditions, the deal is scheduled to close in a few months.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
SMP Partners Group chairman Steve McGowan said: "This acquisition will establish our presence in the Caribbean region and further extend our global network.
"We will work closely with RBC to ensure a smooth transition of the businesses. 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.
RBC Wealth Management international head Stuart Rutledge said: "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."
SMP Partners provides trust, fund and corporate administration with offices in the Isle of Man, Switzerland, Hong Kong and Dubai.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
