The SMP Partners Group, one of the island’s international trust and corporate service providers, has bought a fund administration business.
It has completed a deal to purchase Capital International Fund Managers Limited (CIFM) from Capital International Group.
SMP Fund Services Limited has taken over CIFM’s client portfolio to provide fund management and administration services to a broad range of investment funds.
SMP Partners Group chairman Steve McGowan said: ‘The agreement reflects SMP Partners’ strategy for growing the group both organically and through targeted mergers and acquisitions.
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‘I am very pleased to announce this transaction which fits perfectly within our strategy for the growth and development of the group.
‘The acquisition of CIFM enhances our fund administration offering and consolidates our position as one of the Isle of Man’s leading providers of fund administration services.’
Headquartered in the Isle of Man, the SMP Partners Group is independently owned by its executive board of directors and employs more than 165 people in the Isle of Man with additional offices in the Bahamas, Cayman Islands, Hong Kong, Jersey, Malta, and Switzerland.
The group has a global client base and has extensive experience in trust and company management, fund administration, accountancy, tax and VAT consultancy and compliance, eGaming and eCommerce and a portfolio of specialist services covering capital markets and yachts and aircraft.
Greg Ellison, chief executive Officer of Capital International Group, said: ‘It has been a pleasure to work with Steve and his team at SMP on this transaction.
‘Capital International Fund Managers has a high-quality client portfolio and the most important consideration to us was that the clients would continue to receive a first class service.
‘We have great confidence in the SMP Partners Group and I know this transaction is going to be good news for the clients of CIFM in the months and years ahead.’
SMP Partners is based at Clinch’s House, Lord Street, Douglas, while Capital International operate from Circular Road.