THE MINISTRY of Finance and Planning has in effect now approved the combination of Sigma Investment Management Systems Limited ("Sigma") and its sister company, Sigma Unit Trust Managers Limited, with Manufacturers Merchant Bank Limited ("MMB") subject to completion of the normal statutory and diligence requirements.
This is expected to be completed within 90 days at which point the entity, Manufacturers Sigma Merchant Bank Limited ("Manufacturers Sigma"), will commence operations.
"When we decided to combine the two businesses last summer, our reasoning was that the joint operations could compete more effectively and with a greater diversity of product offerings than as independent businesses. We are convinced more than ever that this reasoning remains valid for all of our stakeholders, said the chairman of the joined entity Joseph M. Matalon.
Manufacturers Sigma will offer a broad range of financial services to its clients, all contained under one roof. These services will include investment management, unit trust services, currency trading, corporate banking, asset management and credit services.
Backed by a stronger capital base in excess of $600 million and with assets under management of approximately J$20 billion, Manufacturers Sigma will provide strong financial security to its clients.
One of the company's strongest assets will be its human resources, a direct result of the coming together of some of the best talent in the industry. Peter Melhado, an experienced merchant banker, will serve as president and chief executive officer. He will be supported by current managing director of Sigma, Sandra Shirley and Manufacturers Merchant Bank's Chief Operating Officer, Adrian Keys.
Chaired by Joseph M. Matalon, the Board will be comprised of shareholder representatives: Clifton Cameron, Paul Hanworth, Adrian Keys, Alan Lewis, O.K. Melhado, Peter Melhado, and Sandra Shirley; while consultant Colin Steele, finance director of Sandals Resorts, Patrick Lynch and Managing Director of Courts Jamaica Hayden Singh will serve as external directors.
Sigma is one of the fastest growing securities dealers in the Caribbean. Sigma enjoys strong names recognition in the market, with product and services which include investment management, economic research and company analysis, pension management, primary dealership, currency trading and unit trust services.
Sigma Unit Trust Managers Limited, which will become a subsidiary of the combined entity, manages the largest Unit Trust in Jamaica and is the only Unit Trust to offer segregated portfolios in equity, fixed income and real estate.
MMB is the second largest independent merchant bank in Jamaica. The company enjoys a strong presence in the corporate and investment banking market, and is involved in investment management, currency trading, corporate banking, credit services, primary dealership and asset trading.
The head office of Manufacturers Sigma will be in New Kingston, and the company will have branches in Ocho Rios, Mandeville and Montego Bay.
