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International Assets Holding Corporation Acquires Provident Group, Creating Investment Banking Division

NEW YORK, Sept. 20, 2010 (GLOBE NEWSWIRE) -- International Assets Holding Corporation (INTL) (Nasdaq:IAAC) today announced the acquisition of the business of Provident Group, a New York-based investment banking and advisory firm founded in 1998.
/ Source: GlobeNewswire

NEW YORK, Sept. 20, 2010 (GLOBE NEWSWIRE) -- International Assets Holding Corporation (INTL) (Nasdaq:IAAC) today announced the acquisition of the business of Provident Group, a New York-based investment banking and advisory firm founded in 1998.

Provident Group ("Provident") will play a critical role in building out a comprehensive investment banking platform delivering financing solutions to the middle market. The Provident team, complemented by key existing INTL professionals and strategic hires, will create a world-class investment bank franchise within a leading global corporation.

Provident's investment banking practice focuses mainly on middle-market companies seeking capital throughout key growth markets spanning North America, Latin America, northern Asia and Australia. The firm effectively leverages its expertise across market segments typically under the radar of the larger global investment banks, delivering relevant solutions in the natural resources, real estate, financial institutions, power generation and transportation sectors. The Provident team seamlessly integrates structuring, execution and distribution in managing local and cross-border mandates, which complements the needs of INTL's global client base and the broader marketplace.

Steven J. Carlson, currently the Chairman and CEO of Provident Group, will head the new investment banking division. Mr. Carlson brings 24 years of Wall Street experience. James B. Roper, currently managing director and COO of Provident and also a long-time Wall Street veteran, will become the new division's head of distribution. 

Sean O'Connor, Chief Executive Officer of INTL, said "The management team at INTL/FCStone has known and worked with Steve for many years. Provident's expertise in deal-making in important growth markets in Asia and North and South America, combined with our own expertise and global platform and commercial customer base, should allow us to build a substantial, global investment banking capability. This combination will take advantage of two important trends in the capital markets: The rise of emerging markets and the increasing importance of commodities to the health of the global economy. This is a continued part of the strategy to expand the capabilities of INTL/FCStone to better serve our global commercial customer base."

Steve Carlson added, "Our team at Provident shares the belief that this new combination will result in a powerful and effective service model. There are many synergies across the sectors served and products offered by both INTL and Provident. Leveraging these can add meaningful value to clients within the combined firm."

About International Assets Holding Corporation

International Assets Holding Corporation (INTL) provides execution and advisory services in commodities, currencies and international securities. INTL's businesses, which include the commodities advisory and transaction execution firm FCStone Group, serve more than 10,000 commercial customers in more than 100 countries through a network of offices in eleven countries around the world. Further information on INTL is available at . 

Forward Looking Statements

This press release includes forward-looking statements including statements regarding the combined company. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words "believe," "expect," "anticipate," "should," "plan," "will," "may," "could," "intend," "estimate," "predict," "potential," "continue" or the negative of these terms and similar expressions, as they relate to International Assets Holding Corporation, are intended to identify forward-looking statements.

These forward-looking statements are based largely on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the combined company. They can be affected by inaccurate assumptions, including the risks, uncertainties and assumptions described in the filings made by International Assets Holding Corporation with the Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the forward-looking statements in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. When you consider these forward-looking statements, you should keep in mind these risk factors and other cautionary statements in this press release.

These forward-looking statements speak only as of the date of this press release. International Assets Holding Corporation undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements.

CONTACT: International Assets Holding Corporation Bill Dunaway 866-522-7188