Avia Collinder, Business Reporter
Jamaica Money Market Brokers Limited (JMMB) has created an investment subsidiary, which will open for business in Port-of-Spain in January.
JMMB Investments Trinidad & Tobago (JMMBITT) marks the group's return to the securities market in that country following the disposal of its half of Caribbean Money Market Brokers (CMMB) five years ago.
JMMBITT will offer "a different range of investment products and services, including repo and bond brokering, with the intention of adding equities and mutual funds to its suite of available offerings," the group said via email.
The investment in the start-up was not disclosed.
The company was incorporated in March and a CEO, Mark Singh, has already been recruited.
"He has just been busy putting everything in place to set up shop," said JMMB Group Marketing Manager Kerry Ann Stimpson.
JMMB says it plans to leverage business from its commercial bank and merchant bank operations - Intercommercial Bank Limited and Intercommercial Trust & Merchant Bank Limited, referred to collectively as IBL Group.
IBL bank has a client base of approximately 9,000 clients, according to information provided by IBL's Corporate Marketing Department.
JMMBITT enters a market valued at TT$75 billion, split TT$34.89 billion in income funds and TT$40.37 billion in mutual funds, the company said.
Its offerings will be targeted mainly to high net worth investors and corporate/ institutional clients in the initial phases, "with room to expand the target market as we build further capacity in the retail space", the company said.
JMMBITT is registered with the T&T Securities & Exchange Commission and will operate from offices at Furness House on Richmond Road in Port-of-Spain, said its marketing personnel.
JMMB sold its interest in CMMB in 2008 to partner CL Financial Group in the midst of the recession when it needed cash.
CMMB was among CL Financial assets taken by the Trinidad government in 2009, resold, and now operates as First Citizens Investment Services.