Salam has sold its 61.4% stake in Swiss-headquartered Summit Trust to the firm’s senior management. At the same time, it acquired Summit Trust International’s stake in Summit Trust Mauritius.
The business will be renamed Sanlam Trustees International Limited.
Now wholly owned by Sanlam Group, Sanlam Trustees International “forms an important part of the pan-African expansion strategy of Sanlam Private Wealth Africa”, the firm said.
The Mauritius business will continue to be led by Roderick Phillips and Gael Duchenne.
The agreement gives Geneva-based Summit Trust International 100% ownership of its operations in Geneva, London, New Zealand and the Cayman Islands.
Founded in 1999 as Close Trustees (Switzerland) SA, Summit became affiliated with Sanlam in November 2011. It offers trust, tax planning, holding company, foundation and specialist offshore services. The company is led by executive chairman Daniel Martineau.