By 1990, the quantity of offshore business generated by the Spanish office, largely in the fields of trusts and managed companies, necessitated the establishment of its own client service office in Gibraltar. The business grew rapidly, following a strong level of new referrals from independent professional intermediaries.
Over the course of the last five years the CTSP market has become increasingly challenging against the background of a global recession leading STM to focus a large amount of time and financial resources on developing a range of International Retirement Solutions for the expatriate market.
In November 2010 the Group opened an office in Malta which was established to help facilitate the growth of the Group pensions division. Malta, for a number of reasons, is a complementary jurisdiction to Gibraltar in relation to the transfer of client UK pension assets under HMRCs QROPS regime.
The Group board firmly believes that future growth will come from diversification of the range of international retirement solutions and life assurance products. This will be facilitated with a focus on distribution and business development with the aim of securing a more global intermediary network that are able to sell a wider range of STM products to their client base.
With offices strategically located around Europe, in financial centres of excellence such as Gibraltar, Jersey, Malta and Spain, STM has access to a geographical spread required to service individual and corporate clients with interests on a global basis.
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