FIRST Global Financial Services (FGFS) will more than triple Proven Wealth’s funds under management when they merge.
The $3-billion deal will see Proven Investments Limited’s take the securities dealer off GraceKennedy’s hands — minus the Jamaica Stock Exchange (JSE) licence, which the larger conglomerate will keep.
But FGFS fits neatly within Proven’s strategic framework.
Since purchasing Guardian Asset Management for US$16.3 million (or $1.4 billion at the time) in 2010, Proven trimmed the US$180 million (over $15 billion in 2010 dollars) in assets the company had on its balance sheet down to around $4 billion today, while a small off balance sheet asset (of less than $1 billion) grew to $25 billion.
Published in the Jamaica Observer
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