The organisation has staff in Jersey, Malta, Hong Kong, the Bahamas, the Cayman Islands, and Switzerland.

SMP Group, which provides corporate and trust structuring, accounting and tax, and fund services, has won all necessarily regulatory approvals to complete its management buyout, originally announced in February.

Seven different financial services regulators across the world, including the Isle of Man Financial Services Authority, gave the green light to the MBO, the organisation said in a statement yesterday.

The deal has been backed by Palatine Private Equity, a UK mid-market private equity house, with additional debt funding from Apera Asset Management.

Following the buyout, former group business development director, David Hudson, will become the group chief executive, supported by an executive board drawn from the existing leadership team. The additions to the group board are Anne Baggesen, Ian Begley, Daniel Cadamy, and Ted Pepper, while Steve McGowan will remain as a non-executive director and Stephen Turner will continue as CEO of the Caribbean Region.

Based in the Isle of Man, SMP Group has more than 200 staff working in Jersey, Malta, Hong Kong, the Bahamas, the Cayman Islands, and Switzerland.