Thu | Jan 17, 2019

Lee-Chin outfit to pitch JSE stocks to Canadians

Published:Sunday | February 4, 2018 | 12:00 AM
Investor Michael Lee-Chin.
Michael Lee-Chin, chairman of Portland Private Equtiy.

Mandeville Private Client Incorporated, based in Canada, will offer services that will allow its clients to buy stocks listed on the Jamaica Stock Exchange (JSE).

Investments on the JSE are typically not available for direct purchase by Canadian investors. However, Mandeville said that it will work with overseas-based Fidelity Clearing Canada ULC to develop the infrastructure necessary to provide Mandeville advisers and their clients with access to JSE listed investments.

"This capability is part of the client/adviser experience road map that Mandeville is pursuing. Mandeville is committed to the creation of wealth for our clients by providing access to high-quality investments in the public and private realms. We are pleased that our clients will now have access to the JSE as it provides a broader range of quality investment opportunities with high growth potential," said Frank Laferriere, senior vice-president and chief operating officer of Mandeville, in a press release announcing the initiative.

The JSE did not respond to requests for comment on the initiative up to press time.

Mandeville says clients can purchase JSE listed invest-ments in their registered and/or non-registered accounts. The ability to directly purchase securities on the JSE provides clients with a broader scope of diversified investment opportunities, stated the company.


Largest stock exchange


Mandeville described the JSE to its client base as the oldest and largest stock exchange in the English-speaking Caribbean, with the added convenience of an electronically traded platform.

"As one of Canada's largest carrying brokers, Fidelity is motivated to find ways to support the unique business requirements of our clients, including accessing foreign markets. By working closely with Mandeville and their Jamaican partners, Fidelity was able to implement the necessary trade execution and custody infrastructure to support this initiative," said Ted George, head of trading for Fidelity Clearing Canada.

Last year, over a dozen Jamaican stocks were listed on the JSE, raising over $15 billion from the market. Two Bahamian preference stocks, one of which trades at J$1 million, also listed on the Kingston exchange.

The JSE expects that additional listings will push up the number of securities on the exchange to 100 securities by mid-year 2018.

In 2015, the JSE was recognised as the best performing stock exchange in the world, and the market has continued its rise since then, with market wealth now valued at $1.2 trillion.

Mandeville Holdings was founded by Michael Lee-Chin, the Jamaican/Canadian businessman and chairman of NCB Financial Group and Portland Equity. Mandeville is the parent company of the Mandeville group of companies, which includes Mandeville Private Client Inc, Mandeville Insurance Services Inc, and Portland Investment Counsel Inc.