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Proven Investments Limited's office on Haining Road in New Kingston, Jamaica (Photo weareproven.com)

Proven looks to integration of subsidiaries

Proven Investments Limited's office on Haining Road in New Kingston, Jamaica (Photo weareproven.com)

Following years of consistent acquisitions across various parts of the Caribbean region, Proven Investments Limited (PIL) is now looking to integrate its current subsidiaries along with its pending acquisitions under a core focus, brand and infrastructure.

This was revealed by co-founder and chief executive officer (CEO) of Proven Management Limited Christopher Williams at the company’s virtual annual general meeting held last Thursday. Proven Management manages the operations of PIL on a management agreement.

“…We have set up a sub-committee led by Garry Sinclair to drive the integration of those five entities”

— Chris Williams, CEO, Proven Investments Limited

PIL currently has four subsidiaries which operate under their pre-acquisition branding and on their own distinct infrastructure. These include International Financial Planning (IFP), Asset Management Company Limited, Boslil Bank Limited and Roberts Manufacturing Limited. Proven Wealth Limited (PWL), Proven REIT Limited and Proven Holding Limited already exist under the core Proven brand and integrated information technology structure.

“As it relates to the larger investments such as Wealth, IFP, Boslil and the newer acquisitions (Heritage and Fidelity), we have set up a sub-committee led by Garry Sinclair to drive the integration of those five entities. We have a board meeting coming up in November where we’ll make our final decision on the strategy. The thoughts from the management team is to streamline our controlling interests in the financial entities under the Proven brand. We want to put those under one brand and have one operating infrastructure. We expect that project to be executed and drive performance for those entities”, stated Williams.

Chief Executive Officer of Proven Investment Limited Chris Williams (File photo)

When Proven acquired Guardian Asset Management in August 2010, it rebranded it as PWL which formed the foundation of the company’s branding. Williams noted that the critical questions which will lead the rebranding include, “1. Is it something that the clients will appreciate? 2. Is it something that will be able to drive profits up? 3. Is it something that we’ll have cost efficiencies with over the long term?”

When questioned by Sunday Finance about the progress of the Fidelity Bank (Cayman) Limited and Heritage Education Funds International Inc, he noted that the deals should be closed by the end of PIL’s financial year at the end of March. Proven successfully completed the 50.5 per cent acquisition of Roberts on June 8 with the remaining two acquisitions expected to bring its total assets above US$1 billion.

Fidelity Bank (Cayman) Limited (Photo: Cayman Compass)

PIL net profit attributable to shareholders was up 11 per cent to US$1.56 million for the first quarter with total assets at US$698.06 million. Though PIL’s core entities generated more cash from operations in the period, the consolidation of Roberts impacted the cash flow from operations which was US$1.68 million. Cash at the end of June was US$143.22 million with equity attributable to shareholders at US$166.14 million.