SPI confirmed the majority share equates to 65% of the business but did not reveal the monetary value of the transaction. The management owners of Summit will retain the remaining 35% stake in the company.
Daniël Kriel, chief executive of SPI, said Summit was identified as an appropriate acquisition “after an extensive search for the right partner to offer SPI clients offshore fiduciary and tax services”.
He said: “Summit is an exceptional owner-managed business with a reputation for excellence and a solid client base. Effective 1 November, this acquisition provides a critical building block in our total wealth management offering, a shortcoming until now.”
Summit is an independent group founded in 1999, which provides trust services, tax planning, specialist offshore services, foundation and holding company services to high net worth individuals. Headquartered in Geneva, Summit also has subsidiaries in the UK, New Zealand and Cayman Islands.
