12 April 2024news

Five Continents Holdings acquired by RFA Capital Holdings

RFA Capital Holdings International (RFACHIL) is to acquire a 51% majority interest in the newly formed Five Continents Holdings (FCHL). FCHL owns 100% of Five Continents Financial (Five Continents) and related entities, a leading wealth and investment management company in the Cayman Islands, which also offers captive insurance services.

RFACHIL is owned directly by RFA Capital Holdings (RFA) and indirectly by RFA's largest shareholder, Halcyon International and Steven Joyce. The terms of the agreement have not been disclosed, and the transaction is subject to approval from the Cayman Islands Monetary Authority (CIMA).

Five Continents said that it is one of the largest independently owned discretionary wealth and investment managers in the Cayman Islands. It is licensed by the CIMA and is one of the oldest fully regulated asset managers in the Cayman Islands, founded in 1993. 

The company said that with the team remaining in place, Five Continents will continue to provide a comprehensive suite of wealth management services, including discretionary asset management focused on investment portfolios for high-net-worth individuals and families, corporations, captive insurance companies, pension plans, and trusts. The firm also offers professional services, including company incorporation and administration.

Founded in 1996, RFA is a privately held Canadian-owned investment firm grounded in real estate, asset management and banking. RFA manages real estate portfolios and participates in financial transactions, REITs, and direct investments. Combined, the RFA Group of companies has over $60 Billion in assets under management and administration. In 2019, RFA acquired Street Capital Bank of Canada, a Canadian federally regulated Schedule I Bank, now RFA Bank of Canada.

Halcyon International is a private investment company controlled by Joyce with interests in real estate, financial securities, private equity, and banking, dating back to over 60 years of investing and building businesses. 

"We are excited to join forces with RFA. This alliance is a milestone for both organisations, creating a powerful partnership and a dynamic leader in the offshore wealth management industry, setting a new standard for excellence in wealth management. This partnership will significantly enhance Five Continents' boutique leadership position in the offshore wealth management space, bringing together complementary strengths and enhancing our expertise while broadening the operational resources, available capital, and capabilities of our firm," said Bill Messer, managing director of Five Continents.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.