Following the announcement of a management buyout in February, financial services group SMP has confirmed that it has secured all necessary regulatory approvals and completed the buyout.
This has involved approval from seven different financial services regulators across the world – the group has over 200 staff working in its Isle of Man HQ, as well as Jersey, Malta, Hong Kong, Bahamas, Cayman Islands and Switzerland.
The deal has been backed by Palatine Private Equity, a UK mid-market private equity house, with additional debt funding from Apera Asset Management.
As a result of the MBO, former Group Business Development Director David Hudson (pictured) has been moved into the role of Group CEO, supported by an executive board drawn from the existing leadership team.