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23 July 2015
Global wealth manager Sanlam Private Wealth owns a majority stake in Summit and the deal is designed to offer increased multi-jurisdictional opportunities for Summit and Sanlam Private Wealth. The deal is subject to regulatory approval.
Announcing the establishment of the Cayman Islands office, Sanlam Private Wealth CEO Daniël Kriel said the expansion formed part of his company’s drive to add additional jurisdictions to its trust business, to benefit especially ultra high net worth clients. “These are individuals with multi-jurisdictional wealth, who require complex structures to manage this wealth. This expansion is an important building block in providing our client base at the top end of the market with the fiduciary solutions they require, and is in line with the Sanlam Group’s international strategy,” he said.
This is the second acquisition by Summit to widen its jurisdictional network since the trust company’s majority stake was sold to the Sanlam Group in 2011. In 2013, Summit bought a 50% stake in Sable Management Services in Mauritius and renamed the company Summit Trust (Mauritius).
Daniel Martineau, executive chairman of Summit said: “We are delighted to be expanding our trust operations in the Cayman Islands. We have been looking for the right partner for two years unsuccessfully, so when Marcus became available recently we jumped on it. Marcus gives us exceptional trust and legal experience on the ground now in Cayman. He will take on the role of managing director and will be a significant shareholder.”
Marcus Parker has over 20 years of experience in the private client industry and was a founding partner of boutique private client law firm New Quadrant Partners in London in 2010. He has been recognised as a leading lawyer and trusted adviser by Chambers and Partners and Citywealth and as one of the global private client elite by Legal Week. He moved to the Cayman Islands at the end of 2013.
Parker said the Cayman Islands were one of the best trust jurisdictions in the world and there was huge potential to create a leading private client-focussed trust company. “Working with Summit, as one of the best trust companies in the world, will enable us to do this. We don’t want to be the biggest, but we do want to be the best.”
Summit currently has offices in Geneva, London, Mauritius and now the Cayman Islands and has the objective of extending its reach to include Channel Islands and Asia.