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.
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