Dorothy Pine-McLarty (left), greets Mildred Moss (centre), chief operating officer, Sterling Asset Management Limited and Peter Goldson (second left), partner at Myers, Fletcher & Gordon (MF&G), as he was officially welcomed to the board of directors of Sterling Asset Management Limited, at a cocktail reception held recently at the Terra Nova Hotel. Sharing the occasion are: Charles Ross, managing director, Sterling Asset Management Limited and Norman Minott (right), managing partner, MF&G.
-Contributed photoAl Edwards
, Business Co-ordinator
STERLING ASSET Man-agement, headed by Charles Ross, put in a good performance this year which saw strong growth in net equity.
The company has seen an increase of over 150 per cent in shareholders' equity for the first seven months of the current financial year. Assets under management at the end of October 2003, stood at $2.3 billion.
Over 80 per cent of its US$ portfolio is invested in AAA-rated US Government Agency Bonds with the remainder allocated to Government of Jamaica Eurobonds and other emerging economy country bonds including Brazil and Belize.
COMPARATIVE HIGH RATE
Sterling Asset management has added mutual fund investments (US$ Bond Fund) to its core product offering. In July of this year the Financial Services Commission (FSC) approved the fund for distribution in Jamaica and it has led to an overwhelming response from investors looking to prosper from its comparative high rate of return.
Since its launch at the end of January 2003, the fund has seen an appreciation of approximately 20 per cent in its share price, assets increased by 711 per cent and the current annualised yield is 23.19 per cent. In Jamaican dollar terms, this is equivalent to a yield of 35.5 per cent per annum, the highest return achieved by similar funds in the local market.
Speaking to The Sunday Gleaner Business, Mr. Ross said: "We have been offering some products that have been well received by the public. Our high grade US denominated bonds resulted in assets under management growing significantly. Our strategy is to boost capital through retained earnings. The growth in assets has led to growth in net earnings which in turn has led to strong growth in net equity.
"Next year we will be concentrating upon offering two more mutual funds and we will launch another bond fund. Early next year we will launch an equity fund. I must say that the bond fund is attracting a great deal of investor interest."
