Calamatta Cuschieri Investment Services (CCIS) has agreed to acquire Malta-based Financial Planning Services (FPS).
Financial Planning Services was set up in 1975 under the trading name of Joseph Bonello and became a limited liability company on the 9 February 1977.
The company offers life insurance and retirement services.
Matthew Bonello and Elaine Bonello will join CCIS’ financial advisory team.
The deal is subject to several commercial conditions and regulatory approval. Financial terms of the deal were not disclosed.
Broaden offering
Alan Cuschieri, co-chief executive of CCIS, said that “there were a number of reasons that made this acquisition attractive” for Calamatta Cuschieri.
He said that it gave the firm the opportunity to increase its assets under management and exposure to the life insurance market through the existing book of business of FPS, as well as broadening its offering through FPS’ insurance brokerage licence.
He added: “Both companies have been established for decades and have deeply embedded in their roots the values of providing honest, unbiased investment advice where the customer comes first.
“These values continue to be the single most important thing for CC today and keeping them alive requires people of high integrity, experience and knowledge.”
