JAMAICA Money Market Brokers Ltd (JMMB) recorded excellent financial results for the nine months ended November 30, 2001. The unaudited figures for the period showed profits after tax of $201.5 million, an increase of 38.4 per cent, over the same period last year, and on track to surpass last year's performance.
This continues a trend of JMMB earning a profit in every year since their inception in spite of the turbulence in the financial sector in the mid 1990s.
This strong performance has substantially strengthened share capital to over J$900 million. Additionally, total client funds under management grew by an impressive 57.4 per cent, moving from $20.9 billion at November 30, 2000 to $32.9 billion as at November 30, 2001.
This performance is evidence of their clients' trust in JMMB's integrity and expertise in managing their investments safely and satisfactorily. To further consolidate their position in the marketplace JMMB launched its equity and investment advisory arm, JMMB Securities Limited, at the Courtleigh Hotel recently.
JMMB Securities received the Securities Commission's nod in February 2002, following its successful bid for a seat on the Jamaica Stock Exchange, several months before.
This move positions JMMB to become the region's first full service brokerage operation, as they have also recently acquired a seat on the Trinidad and Tobago Stock Exchange, through their Trinidad-based joint venture subsidiary Caribbean Money Market Brokers Limited (CMMB). Started in August 2000, CMMB has recorded a profit to date of TT$12.0 million and has funds under management in excess of TT$1.0 billion.
"We are proud to introduce JMMB Securities Ltd. as the newest member of the JMMB family and especially pleased to introduce its Managing Director, Leo Williams, who has a passion for developing the equities market in the Caribbean.
"With JMMB Securities Ltd., along with CMMB, we are now able to offer our clients Jamaican and Caribbean equities. This is being done within a framework focused to meeting their financial goals by creating a plan which they understand and are comfortable with." said JMMB's Managing Director, Donna Duncan-Scott.
Through CMMB, JMMB Securities will be able to provide a new level of integration between the Caribbean stock and bond markets by offering Trinidadian and other Caribbean equities or bonds to Jamaican clients seamlessly. Similarly, Trinidadian clients will have access to Jamaican investment instruments through JMMB and JMMB Securities.
Mr. Williams affirmed, "Clients can expect the JMMB tradition of innovation, customer service and expertise to be translated to the Jamaican capital markets through JMMB Securities Limited. Our launch into this new business will help to expand the choices for individual investors, corporate and institutional clients."
In addition to equity investment customers will be able to access Personal Portfolio Planning (PPP).
PPP is designed to assist the customer in planning for their financial future by identifying the goals they want to achieve and crafting an investment strategy to achieve them.
