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Portland JSX funds back Bermuda bank investment

Published:Tuesday | July 26, 2016 | 1:39 PMNeville Graham

Portland JSX Limited (PJSX) invested a further US$950,687 in Portland Caribbean Fund II during the quarter ending May.

PSJX Managing Partner Rob Almeida said the money was used to complete Fund II’s US$12.6 million investment in Clarien Bank in Bermuda.

Director of Clarien Bank James Gibbons said in a release that the investment would strengthen the bank’s capital base and position it for growth.

“In addition to exceeding regulatory capital requirements under Basel III, it will enable us to not only invest further in world-class financial products and services but also to access Portland’s wealth management capabilities and expand our offerings into regional and global markets,” Gibbons said.

PJSX, a start-up equity fund, reported its set of quarterly financial results last week. It made US$38,931 of profit off its investments, and reported an asset base of US$13.87 million.

The company listed on the Jamaica Stock Exchange on July 6, following a float of its shares in June, which resulted in a record-setting $1.523 billion IPO.

The proceeds of the IPO are expected to be reflected in Portland’s next earnings report for the August second quarter.