SMP Group completes MBO with regulatory approval

Isle of Man based trust and tax experts, SMP Group Limited, has confirmed that it has secured all necessary regulatory approvals from UK and offshore jurisdictions, and has completed a management buyout (MBO)

The SMP group of companies provides corporate and trust structuring, accounting and tax, and fund services to a global client base of both corporate clients and high net worth individuals.

It is headquartered in the Isle of Man and has over 200 staff working in Jersey, Malta, Hong Kong, Bahamas, Cayman Islands and Switzerland.

The three-month approval process involved seven different financial services regulators, including the Isle of Man Financial Services Authority.

The deal has been backed by Palatine Private Equity LLP, a UK mid-market private equity house, with additional debt funding from Apera Asset Management.

It sees former group business development director, David Hudson, move into the role of Group CEO, supported by an executive board drawn from within the existing leadership team.

The additions to the group board are Anne Baggesen, Ian Begley, Daniel Cadamy, and Ted Pepper, while Steve McGowan will remain as a non-executive director and Stephen Turner continues as CEO of the Caribbean region.

Hudson said: ‘The successful completion of the MBO is a significant milestone in SMP’s journey. What we are celebrating today is a big step, but not the only one, and our positive momentum as a group continues to build day by day as we invest and develop every area of our business.’

Sara White

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