Roderick Phillips, Managing Director and Gael Duchenne, Head of Operations will continue to have responsibility for the office in Mauritius, which has been growing solidly since it was established in 2011.

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This is the first acquisition by Summit Trust International since the group struck a joint venture arrangement in November 2011 with Sanlam Limited, a leading financial services group in South Africa listed on the Johannesburg Stock Exchange, with a market capital of US$ 6 billion.

Summit Trust International is part of Sanlam Private Investments, the private client division within the Sanlam Group, which operates in South Africa, the UK and Australia.

GatewatToAfrica.com quoted Daniël Kriel, CEO of Sanlam Private Investments as saying: "When we completed the Summit Trust deal at the end of 2011, we said that we intended to build out the global footprint. This will be done in order 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 Group’s international strategy."

Rod 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 capitalized group and will provide us with a range of new opportunities. Sanlam’s reputation and strong brand in Southern Africa is an obvious advantage."

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Daniel Martineau, Executive Chairman of Summit Trust International said "We are delighted to be able to do this deal with Rod and Gael. It gives Summit Trust International the ideal location to pursue group opportunities in South Africa as well as providing us with a service platform in a jurisdiction that has become an increasingly important financial centre for Africa, India and the rest of Asia."