Mon | Sep 26, 2022

Frazer leaves Scotia Investments for VM

Published:Wednesday | September 7, 2022 | 12:06 AM
Brian Frazer
Brian Frazer

Brian Frazer has resigned as vice-president and chief investment officer at Scotia Investments Jamaica Limited and taken up the post of deputy chief executive officer at Victoria Mutual Investments Limited, VMIL, and Victoria Mutual Wealth Management Limited, VMWM, effective September 1.

Frazer worked with Scotia Investments for two decades, moving up from the position of manager of securities trading and investments to the vice-presidency.

Before joining Scotia Investments, Frazer was employed to Manufacturers Sigma Merchant Bank.

His appointment at VMIL and VMWM was made public via the Jamaica Stock Exchange on Thursday.

The VM Group said Frazer will be working closely with CEO of VMIL and VMWM Rezworth Burchenson in accelerating the implementation of the organisation’s strategic objectives.

His appointment comes on the heels of approval by shareholders on a court-sanctioned scheme of arrangement, which sees the VM Group undertaking a restructuring in compliance with the requirements of the Banking Services Act of 2014.

In conformance with the law, the recently rebranded VM Group will create three new entities to separate the financial and non-financial companies in the VM Group. A newly created company, VM Group Limited, will replace Victoria Mutual Building Society as the parent company and will hold subsidiaries VM Financial Group and VM Innovation.

VM Group intends to complete the reorganisation process over the next 12 months.

Outside of its work to become compliant with directives under the Banking Services Act, VM Group notes that by removing VMBS, a regulated deposit-taking institution, as the group’s parent company, the reorganisation will give the group greater operational flexibility to raise and deploy capital into various business lines where the group sees fit.

Frazer joins VM Group with vast experience in trading, treasury, asset management, risk management, operations, and product development. He also has experience developing the strategic direction for investment management and product development for mutual funds, unit trust funds, and institutional asset management business lines across the English-speaking Caribbean.

During his time at Scotia, Frazer has led investment management teams that had responsibility for the management of assets of over US$1.9 billion, on behalf of unit trust funds, mutual funds, pension funds, corporate clients, and individual investors across the region.

Frazer earned his undergraduate degree in accounting and economics at the University of the West Indies and has received professional training in accounting, and asset/liability and risk management, both locally and overseas, then later qualified as a chartered financial analyst.

karena.bennett@gleanerjm.com