Proven Investments has acquired International Financial Planning Limited in the Cayman Islands.
Proven purchased 100-percent of the company’s shares for USD$14.2-million.
The acquisition took effect August 15.
International Financial Planning is a licensed securities dealer with offices in Cayman, Bermuda and the British Virgin Islands. Their assets under management are close to USD$160-million.
The acquisition was approved by the Cayman Islands Monetary Authority, the Bermuda Monetary Authority and the British Virgin Islands Financial Services Commission.
Earlier this year, Proven Management CEO, Christopher Williams, announced that they were looking for acquisitions in the Caribbean. He said they wanted to invest in the Caymanian dealer, due to the strength of the economy there.
He says Proven is also targeting other Caribbean territories with high income per capita and growing economies with stable currencies.