Proven Investments has acquired 100% of the shares in International Financial Planning (IFP) Cayman.
The transaction was completed on August 15.
The company was acquired for US$14.2 million.
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 was approved by the Cayman Islands Monetary Authority, the Bermuda Monetary Authority and the British Virgin Islands Financial Services Commission.
In the meantime, Proven Investments said IFP's employees will remain in place so there will be no disruption of the day-to-day business activities of the company.
It added that core services and investment options for clients will continue.
Operations will also continue to be maintained in the three jurisdictions.
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