SMP Partners has added to its suite of Isle of Man services with the launch of a new fund administration company. It has recruited a team of industry specialists to run the operation, which, it says, will fulfil a strong market need.
The new company, SMP Fund Services, was established in November in answer to demand from both the company's existing client base and new business inquiries. It will be concentrating on the administration of non-authorised funds.
One of the largest independent trust and corporate service providers in the world, SMP was formed in June from a management buyout of Fortis Intertrust Isle of Man, part of the Belgian/Dutch banking and insurance giant. Its core operation is supplying international financial planning solutions to corporate and individual clients working in complex fiscal, legal and financial environments.
Retaining all top management and 120 staff has enabled the company to continue 'business as usual.' SMP can provide a bespoke, all embracing wealth management service to its 3,000 clients across the world.
Mark Denton, the firm's Managing Director, said: 'Our own traditional international client base has demonstrated that there is an increasing demand for these services. Fortis had its own funds operation, so when we became independent it was a natural progression to add this to our suite of services in the Isle of Man. There is also a huge demand for services from prospective new clients right across the business spectrum.
'This is an area of business the Isle of Man is seeking to promote and we feel it is definitely the right place to be making this additional service offering. I would like to thank the FSC for the efficient way in which it processed our licence – we only lodged our application at the end of September and we had our licence approved on 2 November.
'This speed of service from the regulator was crucial to the effective launch of the operation, as we had deadlines to meet. The most important was being able to promote the new service to our main client base at our annual conference in Switzerland.'
The three-day event, held from 12 – 14 November in Lugano, Geneva and Zurich, included a comprehensive introduction to the attractions of doing business in the Isle of Man .
'Our Isle of Man base gives us real advantages as the Island in not part of the UK or the EU,' added Mark Denton. 'It has its own legal and tax systems which offer tax planning benefits in their own right. It is also well regulated, which gives comfort to clients as a stable, secure and accountable place to do business. We have good relations with our regulator and consequently with the banks we work with.' SMP Partners has just been re-approved as an Eligible Introducer by Barclays.
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