Proven Investments Limited has bought IFP Group, the directors of International Financial Planning (Cayman) Ltd. (IFP) announced last week.
IFP was founded in Bermuda in 2000 and provides independent financial and investment advice to residents in Bermuda, the Cayman Islands and the British Virgin Islands, where the company also maintains offices.
Proven Investments, incorporated in St. Lucia, is a private equity management company and listed on the Jamaica Stock Exchange. In 2017, Proven bought the Bank of Saint Lucia International.
Proven acquired IFP through IFP group’s Cayman office after obtaining full regulatory approval of the transaction by regulators in all three territories: the Bermuda Monetary Authority, the Cayman Islands Monetary Authority, and the British Virgin Islands Financial Services Commission.
The strategic acquisition gives Proven access to the region’s leading offshore financial centers.
“IFP has performed exceptionally well as a quality provider of investment advice.” said Proven CEO, Christopher Williams. “This acquisition provides us with a platform to broaden Proven’s regional reach and enhance our service offering across the portfolio.”
IFP will continue to expand its operations within its own markets while also gaining greater access to prospective clients in the broader Caribbean.
“This is a very positive move for IFP in that it provides for a much stronger balance sheet, greater resources for IFP and consequently our clients,” said IFP director Stuart Clark.
The transition to new ownership will otherwise have little effect on IFP clients.
Similarly, staff in each of IFP’s territories will not change as a result of the acquisition and operations will continue on a business-as-usual basis, IFP said in a press release.