Sun | Jun 7, 2020

Proven buys Cayman company IFP for US$14m

Published:Tuesday | August 21, 2018 | 12:00 AMSteven Jackson
Christopher Williams, CEO of Proven Management Limited.

Proven Investments Limited confirmed completion of the full acquisition of shares in International Financial Planning (Cayman) Limited, IFP, paying US$14.2 million ($1.95 billion) for the company.

The deal closed on August 15, 2018. Proven previously announced the acquisition but had not revealed the name of the target.

IFP is a licensed securities dealer with offices in Cayman, Bermuda and the British Virgin Islands with assets under management of close to US$160 million. The acquisition has been approved by the Cayman Islands Monetary Authority, the Bermuda Monetary Authority and the British Virgin Islands Financial Services Commission.

Proven management CEO Christopher Williams was out of office on vacation when contacted for comment . Proven Investments is managed by Proven Management.

The staff at IFP will remain in place so there will be no disruption to the day-to-day business activities of the company, Proven Investments said in a market filing.

"Core services and investment options for clients will continue. Operations will continue to be maintained in the existing three jurisdictions of Cayman, Bermuda and BVI and regulated accordingly by the relevant regulators," Proven said.

In January PIL announced that it would acquire an unnamed securities dealer based in the Cayman Islands, which caters to rich clients. At the time, Williams said that the dealer should generate returns of 20 per cent return on equity for PIL. The dealership operates with nearly 2,000 high net worth clients.

Proven Investments is a private equity management company with assets well over US$600 million. Its last major deal was the acquisition of Bank of Saint Lucia International Limited last year.