The SMP Group of Companies, which has operations in Jersey, is to acquire RBC Corporate Services Hong Kong, a division of RBC Investor & Treasury Services. The transaction is subject to regulatory approval.
SMP and RBC have a long history of working together to provide global solutions for private wealth structuring.
SMP acquired RBC’s Bahamas and Cayman Islands corporate services businesses in 2016 and 2017, respectively. The Caribbean and Hong Kong businesses have continued to work closely together since these acquisitions.
David Hudson (pictured), Group CEO of SMP Group, commented: “Hong Kong is an immensely important jurisdiction for us. This deal will accelerate our plans for the region in a way that enhances our existing global service offering and brings an extended support network to clients.”
Andrew Gordon, Managing Director, Asia, RBC Investor & Treasury Services, added: “Our decision is based on our strategy to focus investments in key markets and products where we have a competitive advantage. We believe it is in the long-term interest of our clients and employees to transfer to SMP, an organisation with a focus on corporate services activities.”
The deal has been undertaken with the support of Palatine Private Equity, the UK midmarket private equity house that partnered with SMP in its 2019 management buyout, with additional debt funding from Apera Asset Management.