Trust and corporate services provider SMP Partners is to buy the book of business and certain staff of Cayman National Trust, Cayman National Corp.’s wealth management portfolio.
The deal was announced by SMP Partners CEO Steve McGowan at its official launch event at The Ritz-Carlton, Grand Cayman on Sept. 14.
The group, whose headquarters is in the Isle of Man, entered the Cayman Islands when it acquired RBC Wealth Management in Cayman, Barbados and the Bahamas.
McGowan said the acquisition cements SMP’s position in Cayman following the acquisition from Royal Bank of Canada earlier this year.
“The SMP Partners Group 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,” McGowan commented. "This agreement is an opportunity to grow the Cayman trust and corporate administration operations as part of the SMP Group, further enhancing the services and opportunities for clients and staff."
"[Cayman National Trust Co.] has offered fiduciary services for more than 40 years in the Cayman Islands, and has a long and distinguished history. We are pleased that CNT has chosen SMP to continue with that tradition and provide the right solutions to their clients," McGowan added.
SMP Partners, M&A, Cayman National Trust, Cayman National Corp, Wealth management, UK, Cayman Islands