The Cayman operation of private banking group RF Bank & Trust has acquired financial planning company TSC Financial Services for an undisclosed sum.
The deal is part of RF’s aim to grow its financial advisory service in Cayman to provide a range of financial planning and investment services to residents in the region.
The acquisition will see RF Group set up a newly-established arm branded as RF Advisors. It will have a team of financial advisers offering financial planning solutions. The majority of the advisory and management services are already available, the insurance products and services will be available once the firm has received licensing approval.
Heading the Cayman-based RF Advisory team is the founder of TSC Financial Services, Allan Shine, who will be head of business development and financial planning.
Michael Anderson, RF Group chief executive, said: “As a leading wealth manager in the region, RF services clients’ wealth management needs across the Caribbean. Our expansion to the Cayman Islands two years ago enables RF to offer a range of premier investment services to Cayman residents and this acquisition is a natural extension of these services.”
RF is a private banking group in The Bahamas, Barbados and the Cayman Islands.