Palatine Private Equity has acquired SMP Group, following the receipt of regulatory approval.
The acquisition comes as part of a planned leadership succession process which will see David Hudson, former group business development director, move into the role of group CEO.
Hudson will be supported by an executive board consisting of Anne Baggesen, Ian Begley, Daniel Cadamy and Ted Pepper.
Steve McGowan will remain as a non-executive director while Stephen Turner will continue his role as CEO of the Caribbean region.
Established in 2007 and headquartered in the Isle of Man, SMP Group employs over 200 people across seven global offices, which include Jersey, Switzerland, Malta, Hong Kong, Cayman Islands and the Bahamas.
Andy Lees, partner at Palatine Private Equity, said: “We are delighted to announce the completion of the management buyout of SMP. The management team has ambitious plans including a buy and build programme with several targets already identified. We look forward to supporting the team over this exciting phase of development.”
