Sanlam Private Investments purchases majority stake in Swiss fiduciary and tax business

Sanlam Private Investments (SPI) – the private investment and wealth management business within the JSE-listed Sanlam Group – announced it has purchased 65 percent of Summit Trust International, the Geneva-based fiduciary and tax business, for an undisclosed sum. Summit Trust International’s management owners retain the remaining 35 percent.

Daniël Kriel, CEO of SPI, says Summit – an independent group founded in 1999 – was identified as an appropriate acquisition after an extensive search for the right partner to offer SPI clients offshore fiduciary and tax services. “Summit Trust 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.”

Kriel says he is excited about the increased opportunities Summit opens up for SPI’s clients. “The fiduciary and tax needs of high net worth individuals and their families are increasingly complex; we are confident the additional resources this business brings in terms of offshore capability will be of enormous relevance and advantage to our clients. Our expanded global wealth management proposition will serve our South African client base, and SPI clients in the UK and Australia.”

Daniel Martineau, executive chairman of Summit, says he believes this to be a very exciting opportunity that has come at the right time for them and their international client base. “The management team is committed to the business in the longer term and will be looking for opportunities to sensibly expand our services and footprint into other jurisdictions. We are also looking forward to offering our well established services to SPI’s client base.”

The acquisition of an offshore trust business effectively extends the recently-appointed local SPI Fiduciary and Tax team, enabling SPI to offer clients a uniquely seamless fiduciary service, integrating both local and international activities. Marteen Michau and her team in Johannesburg will manage the relationship with local clients, with international expertise and execution delivered by Geneva-based colleagues.

SPI’s expansion into the global wealth management arena was further strengthened recently by the announcement two weeks ago of its offer to purchase UK stockbroking firm, Merchant Securities. This bolsters an already robust offshore offering including stakes in UK-based Principal Investment Holdings, and Australian private client investment manager Calibre Investments, and affiliations with Swiss private bank Pictet & Cie, and Wall Street-based Centre Asset Management.