Proven acquires securities dealer in Cayman
Proven Investments Limited announced that it will acquire an unnamed securities dealer based in the Cayman Islands, which caters to rich clients.
The details of the transaction are being withheld on request of the seller until completion of the transaction in three months.
President & CEO of Proven, Christopher Williams, said the deal should produce a "20 per cent" return on equity for Proven Investments.
"The company has nearly 2,000 high net worth clients," he said.
In a market filing on Thursday, Proven Invest-ments advised that it entered into an agreement to acquire 100 per cent of the common equity of a licensed security dealer with offices in Cayman and throughout the Caribbean region. The offer is subject to regulatory approval within the various jurisdictions.
"... At the vendor's request, full disclosure will be provided after the relevant approvals have been secured," the notice read..
Proven Investments is a private equity management company with assets well over US$600 million. Its last major deal occurred last year, with the acquisition of Bank of Saint Lucia International Limited.