Pushing for Summit after new acquisition

Wednesday 24 January 2024

An expanding provider of trust and administrative services, with offices in both Jersey and Guernsey, has expanded its international presence by joining forces with a Dubai-based company.

Summit Group has acquired Sanctuary as the latest step towards its ambition to build a global fiduciary group.

It comes after Summit Group joined forces with Jersey-based Garfield-Bennett in December 2023.

Summit Chief Executive Mark Claxton said of the latest step: "It’s clear from our collaboration over the last few months that the leadership team of Sanctuary are like-minded partners.

"Summit and Sanctuary share a passion for helping clients achieve success and navigate an increasingly complex world, taking pride in providing a personalised, professional and high-quality service to help clients achieve their goals.

"We are both committed to caring for and supporting our colleagues, and playing a positive role in the communities in which we live and work."

Deepak Malhotra, Sanctuary's Chief Executive, added: “This is a great opportunity for Sanctuary – becoming a member of Summit Group, with its steadfast professionalism, strong financial backing and growing international footprint, will help us provide a more extensive range of services globally to our clients and create opportunities for our people."

Summit Group is backed by London-based private equity company Sovereign Capital Partners, which supported a management buyout in 2020.

Alex Hay, Partner at Sovereign, said: “The addition of Sanctuary to the Summit Group marks a significant step in our goal to create a selectively global leader in the fiduciary sector.

"By joining forces, the Group will be able to provide clients with an even more comprehensive suite of services, reinforcing our commitment to excellence and success.”