By Dennise Williams, Staff ReporterTHE NEVILLE Blythe-controlled UGI Group subsidiary, UGI Finance & Investments Limited (UGIFI) is the re-branded incarnation of ITMB Finance & Investments Limited.
The new thrust will see the investment-banking house positioning itself as an integrated financial services boutique backed by the strength of its parent company and complemented by sister companies United General Insurance and United Realtors Co. Ltd. Personalised customer service will be the linchpin for the new entity.
Joan Ranglin-Hinds, general manager of UGIFI, spoke to The Financial Gleaner about the company and its plans for the future. "We are about to make some noise! We see ourselves like JMMB and DB&G. Yes, they have had ten years to be in the position that they are today, but we are only two years old and we are now going into aggressive marketing to let Jamaicans know that we are here."
VERY DEEP ROOTS
And while not a household name, UGIFI has very deep roots in the Jamaican financial services sector. A subsidiary of the UGI Group, International Trust & Merchant Bank acquired the then First Caribbean, a premium finance company to complement the Group's insurance services.
A few years later, CIBC and Barclays Bank bought the name FirstCaribbean from Neville Blythe. Instead of creating a new name, it was decided that the initials ITMB be used instead. However, times change and management has decided to trade on the strength of the UGI name and in May of 2004, the new name UGIFI came into legal being.
With a new name, the company has a new focus.
Mrs. Ranglin Hinds explains. "Our focus now is to make our presence felt in the marketplace. We have decided to piggyback on the name of the parent company. We will be embarking on a marketing campaign by the end of May. We will be in every nook and cranny of Jamaica. The aim of this campaign is to establish visibility. We will have our names out there with the rest of the players in the industry like Capital and Credit and the rest."
When asked about the uniqueness of UGIFI, Mrs. Ranglin-Hines states, "We are a boutique establishment. There are many people who don't want to be gobbled up as a part of a big machinery. We are targeting persons who are with commercial banks but still have the desire of one to one service. When you come to UGIFI you are treated like you are our only customer."
Another plus of UGIFI explained by Mrs. Ranglin-Hines is the location. "When you drive into 4-6 Trafalgar Road, you can do one stop shopping. With the UGI group you can get insurance, credit facilities, foreign exchange trading, premium financing and real estate services. You don't have to drive around to different branches of the same company at different locations."
UGIFI has a diverse range of customers that, as explained by Mrs. Ranglin-Hines, split 50/50 between corporate and retail customers. Which leads to another objective of the new marketing campaign. "We want to expand our retail customer base. It is no secret that the money is in the mass market."
Currently, UGIFI has a range of products geared toward the investor who wants a variety of fixed income products. However, UGIFI has seen the writing on the wall and has determined that equities are a necessary component of financial services.
Mrs. Ranglin-Hines states, "Currently we are in discussions with the Jamaica Stock Exchange to look at offering equities to our clients. Right now, margins are getting slimmer and so equities are the place to be. So our first step will be to form an alliance with a broker on a commission basis where we will sell their products to our customers to provide access to the stock market."
UGIFI has four locations in New Kingston, Mandeville, Montego Bay and Junction, St. Elizabeth.
LOOKING TO THE WIDER CARIBBEAN
In the immediate future, the investment bank plans to open locations in the Caribbean to take advantage of the Caribbean Single Market Economy. From the region, there are plans to set up shop in North America and Europe to offer its services to Caribbean nationals living there.
States Mrs. Ranglin-Hinds, "Mr. Blythe is the biggest source of strength for this company. He is an extremely active owner. Actually, he is our business development person. We get a lot of business from his contacts. In fact, he is a good role model. When you look at his life story, you will see how far he has come. And he enjoys life. I mean he really enjoys life. He is a serious role model for all of us."
Mrs. Ranglin-Hines states proudly that even though the company is small compared to other financial services institutions, UGIFI is a "very profitable company. We have been posting very positive returns for the last two years and all our ratios are positive." UGIFI has $3 billion in funds under management and has a client base of 2,000. Within its four-branch network, the company employs 35 persons.
