Matt Claxton, CEO, Summit Group (left) and Deepak Malhotra, CEO, Sanctuary (right)
January 23, 2024, Dubai, UAE – Summit Group, a leading independent provider of fiduciary and administrative services, today announced that Dubai-based Sanctuary is joining the group, with support from Sovereign Capital Partners. The Middle East is a high-growth market for fiduciary services, and the addition of Sanctuary represents a strategic move to capitalise on the burgeoning opportunities within the region.
Sanctuary is a market-leading provider of services to entrepreneurs and families in the UAE, offering a comprehensive range of fiduciary, tax and advisory services that cater to the unique and complex requirements of clients in the region. Sanctuary broadens the range of services the combined group can offer to clients and increases the number of international locations to serve them from.
This is another important milestone on Summit Group’s journey to build a selectively global fiduciary group. The addition of Sanctuary gives us a presence in Dubai, Abu Dhabi and Saudi Arabia in addition to the Cayman Islands, Jersey, Guernsey, Switzerland and the United Kingdom.
Matt Claxton, CEO, Summit Group, said: “I’m delighted to welcome everyone at Sanctuary into the Summit Group. 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. Both pride themselves on 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. The combination of our businesses is going to bring benefits to our clients and provide more opportunities for members of both teams.”
Deepak Malhotra, CEO, Sanctuary, said: “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. I look forward to working with Matt and all the Summit Group team.”
Sovereign Capital Partners supported the MBO of Summit Group in 2020. Alex Hay, Partner, 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. This strategic move enhances Summit’s capabilities and extends its reach to key locations in the fast-growing Middle East market. 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.”
1. About Sovereign Capital Partners
Sovereign is a specialist investor focused on partnering with talented management teams and high-quality businesses, in specific service-based sectors, to deliver accelerated growth both in the UK and internationally. We do this through our proven strategy of Buy & Build. Whether through organic growth, acquisition or a combination of both, we provide strategic investment and look for innovative ways to create not just value, but businesses we’re truly proud of. Sovereign Capital Partners LLP is authorised and regulated by the Financial Conduct Authority.
2. About Summit Group
Summit Group is a leading independent fiduciary and administrative services group. We specialise in providing trusted fiduciary and administrative services with a focus on tailoring solutions to help our clients grow, protect and pass on their wealth. Our expertise in trust and company services ensures continuity in an increasingly complex world, and our independence allows us to act impartially and in the very best interests of our clients.
3. About Sanctuary
Sanctuary, established in the UAE in 2019, is a boutique advisory firm providing “one-stop-shop” services to individuals and businesses establishing their presence in the UAE and Saudi Arabia, including catering to residency visa requirements, corporate governance, fiduciary and tax and other advisory services. With offices in Dubai, Abu Dhabi and Riyadh, Sanctuary provides a full range of high-touch corporate and private client services, helping clients structure and manage their financial affairs in as straightforward a way as possible.
