Scotia Investments funds under management at $135b
Scotia Investments Jamaica Limited (SIJL) reported nine per cent growth in its fund management business at July 2014, nine months into its financial year, and a doubling of its flagship money market fund.
The Scotia Premium Money Market Fund grew 105 per cent year-on-year to $9 billion. Total funds under management across the group rose to $135 billion, up 18 per cent from $114 billion a year earlier.
SIJL itself reported nine-month net profit of $1.3 billion, down $82 million or six per cent from the 2013 period. For the third quarter, profit was also down from $563 million to $504 million, but the company performed better than the $415 million reported in the second quarter.
SIJL CEO Lissant Mitchell said in the earnings report that the nine-month performance was achieved despite asset tax increases.
He said that Scotia Investments remained dominant in the collective investment scheme market with 45 per cent share of the sector.
Five per cent of the growth in SIJL's funds under management was achieved in the third quarter.