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).

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.