Press Releases

International Money Marketing
January 2003
"Inter-Alliance-OFS link-up set for completion"

The merger between two of the largest offshore IFA networks is expected to be completed in January. Sources close to the deal between Inter-Alliance International and Cyprus-based OFS WorldNet say discussions have been ongoing and only the final details have to be agreed.

The sources add that the merger should be completed early in the new year and could be finalized as early as this month. If completed, it is expected that the deal will be a 50:50 merger between the two networks.

Last September, Brian Cosgrave, Chief Executive of Inter-Alliance International, said the firm had signed heads of agreement for a joint venture with an IFA network in Cyprus-OFS WorldNet.

"The agreement will enable us to base our offshore headquarters in Cyprus and will ensure that all the key members of both networks stay on" Cosgrave added. Kevin Mudd, Chairman and Chief Executive of OFS WorldNet, has consistently declined to comment on the deal.