A merger and acquisition deal involving the Swiss-based trust business and South AFrica's Sanlam.

The senior managers of Switzerland-based Summit Trust have bought the 61.4 per cent stake in the trust business that had been previously owned by Sanlam, the South Africa-headquartered wealth management and financial services group.

Sanlam has simultaneously acquired Summit Trust International’s stake in Summit Trust Mauritius. The latter will be renamed Sanlam Trustees International Limited, the firms said in a statement today.  

The agreement gives Summit Trust International total 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, the statement added.