William (Bill) Messer and Scott Elphinstone, Owners of Five Continents Financial Limited (Five Continents) in the Cayman Islands, Have Entered into a Definitive Agreement to Sell a 51% Interest in Five Continents to RFA Capital Holdings International Ltd.

April 09, 2024 9:04 PM EDT | Source: RFA Capital Holdings Inc.

Grand Cayman, Cayman Islands--(Newsfile Corp. - April 9, 2024) - RFA Capital Holdings International Ltd. (RFACHIL) announced an agreement to acquire a 51% majority interest in the newly formed Five Continents Holdings Ltd. (FCHL). FCHL owns 100% of Five Continents Financial Limited (Five Continents) and related entities, a leading wealth and investment management company in the Cayman Islands. RFACHIL is owned directly by RFA Capital Holdings Inc. (RFA) and indirectly by RFA's largest shareholder, Halcyon International and Mr. Steven Joyce. Terms of the agreement have not been disclosed, and the transaction is subject to approval from the Cayman Islands Monetary Authority (CIMA).

Five Continents is one of the largest independently owned and best in class 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, in partnership with N.M. Rothschild & Sons Ltd., Five Continents has successfully been managed by its ownership and senior management team for 30 years. 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 Mr. Joyce with interests in real estate, financial securities, private equity, and banking, dating back to over 60 years of investing and building businesses. Halcyon evolved from the Joyce family co-founding restaurant chain Tim Hortons and building the multinational coffeehouse into one of the world's most successful brands. "Halcyon and RFA have a 26-year history of successfully investing and building businesses together. We look forward to continuing this track record of excellence with Five Continents," said Steven Joyce, President and CEO of Halcyon International. Halcyon, through the Joyce Family Foundation, a half a billion dollar philanthropic organization, gives back to communities across Canada with a focus on youth through access to education, and mental health.

"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.

Scott Elphinstone stated, "Our unique partnership with RFA, as a private financial services group, maintains Five Continents' legacy as an independently owned and operated wealth manager beyond the leadership of Bill and me. It signals our commitment and the organization's ability to deliver exceptional value-added service to our clients while expanding our reach in key markets and introducing new investment opportunities to our clients."

Ben Rodney, President and CEO of RFA, expressed enthusiasm for the partnership, stating, "This strategic partnership represents an exciting opportunity to expand our footprint in the Caribbean market and enhance our global reach. We are excited to partner with the Five Continents Team, and together, we will leverage our combined resources and capabilities to deliver innovative and superior wealth management solutions and outcomes for our clients. We look forward to serving clients and growing Five Continents in the Cayman Islands and beyond its shores."

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RFA Capital, Five Continents, and Halcyon International

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Ben Rodney

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