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Administration May 1, 2005
Oriental Financial Picks Up Pension TPA
January 29, 2003 (PLANSPONSOR.com) - Oriental
Financial Group (OFG), Inc. a Puerto Rican financial holding
company has acquired Caribbean Pension Consultants, Inc.
(CPC).
Reported by Fred Schneyer
Under the acquisition agreement, which was signed by the parties on January 24, 2003, Oriental acquired 100% of the stock of Caribbean Pension Consultants for an undisclosed amount. Caribbean will continue to operate under its current name and from its current Boca Raton, Florida location as a subsidiary of OFG.
CPC, a third party administrator of pension plans in the United States, Puerto Rico and the Bahamas, has more than $400 million in pension assets administered by various investment managers.
OFG officials said one of the reasons for the acquisition was CPC’s experience in administering Puerto Rican pension plans.