The group has completed the first deal in its planned expansion in the Caribbean.

Isle of Man-based SMP Partners Group has completed its acquisition of Royal Bank of Canada’s trust and fund administration business in the Bahamas, expanding into the Caribbean.

SMP Partners provides services including trust and company management, fund administration, tax, corporate law and accounting. In November last year, it agreed to buy RBC’s trust, fund administration and custody business across the Caribbean region, which includes businesses in the Bahamas, Barbados and Cayman. The Bahamas part of the acquisition has been completed. 

The purchase of the Barbados and Cayman businesses is subject to regulatory approvals and customary closing conditions. The companies did not give details of the deal.

SMP Partners will operate from offices in Lyford Cay in the Bahamas. Stephen Turner, chief executive for the Caribbean region, leads the team and Deidree Bain, director, who is transferring from RBC, manages the operation and will work with Turner to expand the local offering.

“This acquisition further extends the group’s global network by establishing our presence in the Caribbean region,” said SMP Partners' group chairman, Steve McGowan.

“We have earned an excellent international reputation as leaders in trust, fund and corporate administration services and look forward to delivering the same high standards to clients from our new offices in Lyford Cay.”