Proven surrenders securities licence for two subsidiaries; to shutter IFPJ
PROVEN Group Limited has surrendered securities licences for two of its subsidiaries, Proven Management and International Financial Planning Jamaica (IFPJ), in a cost-saving play that’s also expected to create a leaner group of companies.
Proven in a public advisory said it has voluntary surrendered the IFPJ’s securities dealers licences to Financial Services Commission, as it is no longer engaged in the securities business, and will transfer all IFPJ’s clients to affiliated company Proven Wealth Limited.
IFPJ was formed following Proven’s acquisition of First Global Financial Services in 2014. At the time, CEO of Proven Chris Williams said the decision to acquire FGFS was a strategic one and would build on the foundation that Proven had set for itself.
FGFS largely dealt in the business of securities trading, portfolio management, stockbrokerage services, structured financing, pension fund management, and economic and corporate analysis, but Williams had a vision to widen the product range of the rebranded IFPJ business to include international mutual and hedge funds.
“IFPJ has really just been operating as a shell for years now and Proven Management doesn’t need a licence because that business doesn’t have clients.
“We did an audit and we realised that we had more licences than we needed and so we made the decision to surrender the two licences. We’re just saving ourselves some money because we have to be paying for these licences,” Williams told the Jamaica Observer.
Proven Wealth, a securities dealer, is regulated by FSC and engages in the management of client portfolios.
“We didn’t need a separate company to do that and so much of IFPJ’s business were shifted to Proven Wealth over time,” Williams said.
He added that Proven will be winding up IFPJ’s business soon but will continue business for Proven Management.
“The process is still ongoing and we are looking for ways to become more efficient, but those are the only two companies so far,” Williams said.
Proven, which describes itself as premier provider of financial solutions in the Caribbean, lists Proven Wealth Limited, Proven Bank (Cayman) Limited, Proven Bank (St Lucia), Proven Private Capital and Proven Properties as its businesses on its website.
Proven Wealth Limited has operations in Cayman, Bermuda, the British Virgin Islands, Barbados, Jamaica, and The Bahamas.