International Assets Holding Corporation Acquires Provident Group, Creating Investment Banking Division
September 20 2010 - 9:19AM
International Assets Holding Corporation (INTL) (Nasdaq:IAAC) today
announced the acquisition of the business of Provident Group, a New
York-based investment banking and advisory firm founded in 1998.
Provident Group ("Provident") will play a critical role in
building out a comprehensive investment banking platform delivering
financing solutions to the middle market. The Provident team,
complemented by key existing INTL professionals and strategic
hires, will create a world-class investment bank franchise within a
leading global corporation.
Provident's investment banking practice focuses mainly on
middle-market companies seeking capital throughout key growth
markets spanning North America, Latin America, northern Asia and
Australia. The firm effectively leverages its expertise across
market segments typically under the radar of the larger global
investment banks, delivering relevant solutions in the natural
resources, real estate, financial institutions, power generation
and transportation sectors. The Provident team seamlessly
integrates structuring, execution and distribution in managing
local and cross-border mandates, which complements the needs of
INTL's global client base and the broader marketplace.
Steven J. Carlson, currently the Chairman and CEO of Provident
Group, will head the new investment banking division. Mr. Carlson
brings 24 years of Wall Street experience. James B. Roper,
currently managing director and COO of Provident and also a
long-time Wall Street veteran, will become the new division's head
of distribution.
Sean O'Connor, Chief Executive Officer of INTL, said "The
management team at INTL/FCStone has known and worked with Steve for
many years. Provident's expertise in deal-making in important
growth markets in Asia and North and South America, combined with
our own expertise and global platform and commercial customer base,
should allow us to build a substantial, global investment banking
capability. This combination will take advantage of two important
trends in the capital markets: The rise of emerging markets and the
increasing importance of commodities to the health of the global
economy. This is a continued part of the strategy to expand the
capabilities of INTL/FCStone to better serve our global commercial
customer base."
Steve Carlson added, "Our team at Provident shares the belief
that this new combination will result in a powerful and effective
service model. There are many synergies across the sectors served
and products offered by both INTL and Provident. Leveraging these
can add meaningful value to clients within the combined firm."
About International Assets Holding
Corporation
International Assets Holding Corporation (INTL) provides
execution and advisory services in commodities, currencies and
international securities. INTL's businesses, which include the
commodities advisory and transaction execution firm FCStone Group,
serve more than 10,000 commercial customers in more than 100
countries through a network of offices in eleven countries around
the world. Further information on INTL is available at
www.intlassets.com.
Forward Looking Statements
This press release includes forward-looking statements including
statements regarding the combined company. All statements other
than statements of current or historical fact contained in this
press release are forward-looking statements. The words
"believe," "expect," "anticipate," "should," "plan," "will," "may,"
"could," "intend," "estimate," "predict," "potential," "continue"
or the negative of these terms and similar expressions, as they
relate to International Assets Holding Corporation, are intended to
identify forward-looking statements.
These forward-looking statements are based largely on current
expectations and projections about future events and financial
trends that may affect the financial condition, results of
operations, business strategy and financial needs of the combined
company. They can be affected by inaccurate assumptions,
including the risks, uncertainties and assumptions described in the
filings made by International Assets Holding Corporation with the
Securities and Exchange Commission. In light of these risks,
uncertainties and assumptions, the forward-looking statements in
this press release may not occur and actual results could differ
materially from those anticipated or implied in the forward-looking
statements. When you consider these forward-looking statements, you
should keep in mind these risk factors and other cautionary
statements in this press release.
These forward-looking statements speak only as of the date of
this press release. International Assets Holding Corporation
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Accordingly, readers are cautioned not to place undue
reliance on these forward-looking statements.
CONTACT: International Assets Holding Corporation
Bill Dunaway
866-522-7188
bdunaway@intlassets.com
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