Summit Trust International SA (Summit), a leading international trust group based in Geneva, has acquired Sable Offshore Management Company Ltd in Mauritius in partnership with local management. The company will be renamed Summit Trust (Mauritius) Limited. International wealth manager, Sanlam Private Investments (SPI), owns a majority stake in Summit and the deal is designed to offer increased opportunities on the African continent for Summit and SPI.
This is the first acquisition by Summit since the group struck a joint venture arrangement late last year with Sanlam Limited, a leading financial services group in South Africa. The group is listed on the Johannesburg Stock Exchange with a market capital of US$ 6 billion.
Daniël Kriel, CEO of Sanlam Private Investments said, “When we completed the Summit Trust deal at the end of 2011, we said that we intended to build out the global footprint. The intention was to provide our client base at the top end of the market with multi-jurisdictional fiduciary solutions in line with their requirements. Summit Trust Mauritius is an important building block in this process and we are also investigating other opportunities which will be pursued at the right price, and in support of the Sanlam Group’s international strategy."
Rod Phillips, Sable Offshore managing director and Gael Duchenne, its head of operations, will continue to have responsibility for the office in Mauritius, which has been growing solidly since it was established in 2011.
Phillips said, “Mauritius is the investment gateway to Africa, a continent that is home to some of the most exciting frontier markets in the world. This transaction aligns us with a large, well capitalised group and will provide us with a range of new opportunities. Sanlam’s reputation and strong brand in Southern Africa is an obvious advantage."
Daniel Martineau, executive chairman of Summit said, “We are delighted to be able to conclude this deal. It gives Summit the ideal location from which to pursue opportunities in South Africa and provides us with a service platform in a jurisdiction that has become an increasingly important financial centre for Africa, India and the rest of Asia."
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