Sanlam Group and Summit Trust International restructure
South African financial services group Sanlam and Swiss-based trust management group Summit Trust International have announced that Summit Trust senior management have bought the 61.4 percent stake in the trust group previously held by Sanlam. The Sanlam Group has simultaneously acquired Summit Trust International’s stake in Summit Trust Mauritius. The latter will be renamed Sanlam Trustees International Limited.
The agreement gives Summit Trust International a hundred percent ownership of operations in Geneva, London, New Zealand and Cayman Islands. Based in Mauritius, Sanlam Trustees International Limited in turn is now wholly owned by the Sanlam Group and forms an important part of the pan-African expansion strategy of Sanlam Private Wealth Africa.
Sanlam Trustees International Limited will continue to be led by Roderick Phillips and Gael Duchenne.