Gareth Manning, Gleaner Writer
DUNCAN
JAMAICA MONEY Market Brokers will be enlisting on the Barbados Stock Exchange this financial year says Deputy Managing Director, Keith Duncan.
Duncan was speaking at the JMMB's 12th annual general meeting held at the Jamaica Pegasus in Kingston yesterday.
Duncan says the move, that is to happen in a few months, is step a toward driving the company to become a regional body. He was speaking in light of the company's growth during the last financial year.
The company has seen significant growth in assets, real equity and its capital base.
Earnings from stocks improved by nearly 10 per cent.
"Capital is in excess of $5 billion so there is room for growth," Ducan told his audience.
Net, pre-tax and operating profits are also up. The executive says net profits grew from some $1.5 billion in the 2003/ 2004 financial year to 1.65 billion in 2004/ 2005, while pre-tax profits reached $1.77 billion. Operating profits have also increased by 37 per cent .
The company says it will be focusing even more on its clients for the current financial year. It is aiming to capitalise on the Financial Planning Services (FPS) model it instituted last year to diversify clients goals.
"We're looking to empower clients to meet their goal. Every Jamaican must have a plan," Duncan said.
In addition the company will be establishing a Portfolio Management Centre to manage the client portfolios.
"It will impact our [client] retention and attrition rates," Duncan said.
The company is also looking forward to more expansion during the finical year. It opened its newest branch in May Pen in December, but still wants to open other shops in rural towns. Duncan says the growing towns of Santa Cruz in St. Elizabeth and Browns Town in St. Ann may be next for development.
SELECT INDEX FUND
The company reported that with the success of its JMMB Select Index Fund, it will be launching other equity products in the region . The product's assets improved by some 38 per cent last year.
The company also hopes to strengthen the operations of its recent 50 per cent acquisition in the Intercommercial Bank Limited in Trinidad and its subsidiary Intercommercial Trust and Merchant Bank Limited. The acquisition is expected to lead to the development of banking products to meet the needs of regional and corporate retail clients.
"Our push will be an important step in rolling out our capital markets business, which we view as important to JMMB's continued growth," the company stated in its annual report.
