Tuesday 16 January, 2018

Proven snaps up securities dealer in the Northern Caribbean

Christopher Williams, the CEO of Proven Management, the operators of Proven Investments says the company is always looking for acquisitions within the Caribbean.

Christopher Williams, the CEO of Proven Management, the operators of Proven Investments says the company is always looking for acquisitions within the Caribbean.

Proven Investments Limited (PIL) has acquired a securities dealer with offices in the Cayman Islands as part of its continued expansion in the Caribbean.

The company, which has not been named, pending regulatory approval, also operates within two other Caribbean territories.

PIL’s last major regional acquisition, was the Bank of St Lucia International Limited (BOSIL), which doubled the company's asset base.

Christopher Williams, the CEO of Proven Management, the operators of Proven Investments says the company is always looking for acquisitions within the Caribbean.

In fact, Proven is eyeing at least one more this year.

As for this recent move, Williams said Proven sought to invest in the Cayman-based dealer due to the strength of the economy there.

“It’s a part of our wealth management strategy and obviously that market has real wealth,” said Williams. “The move will result in a higher propensity to invest and that’s what we are building our brand around.”

Williams also said Proven is targeting Caribbean territories with high income per capita and growing economies with stable currencies.

Williams who spoke to Loop News, was also quite bullish about 2018, noting that Proven’s existing entities are expected to hit their return on equity target.

“We will continue to grow organically,” he declared.

Williams also anticipates that Proven’s real estate arm, Proven REIT will continue to perform well amid the positive performance of the economy.

“We expect that portfolio to be a significant contributor to our bottom line as a result of the downward trending interest rates,” Williams said.

He added: “Investors are looking toward real estate and the real sector. Real estate drives construction and that will bring a multiplier effect to the economy.”

For the three months ended September 2017, Proven Investments posted US$3.4 million in net profit, up from US$2.7 million in the corresponding period of 2016.

Net interest income for the review period was US$4.6 million, up from the US$3.4 million it earned in the corresponding period. The company posted US$10.3 million in revenue, 44 per cent more than the US$7.1 million it earned in the comparative period of 2016.

PIL deals in tradable securities for investment purposes. The group also includes a real estate investment trust and microlending company, Access Financial Services.