By Ashford W. Meikle, Staff Reporter 
CLARKE ...wants to create greater opportunities for small investors
THE BANK of Nova Scotia (Jamaica) Limited (BNSJ) plans to increase its presence in the money market arena with the introduction of a Jamaican dollar mutual fund. This
information came out of its 38th annual general meeting which was held on Friday at the Jamaica Pegasus Hotel in New Kingston.
"A Jamaican dollar money market fund will ... be introduced in 2005, which will
facilitate access to smaller investors who are interested in growing their wealth over," said the president and chief executive officer of Scotiabank, William E. Clarke.
Elaborating, he pointed out that BNSJ wanted to "create opportunities for small investors who want to go into a different level of wealth creation...we are trying to get the average person in the economy to participate in...wealth creation."
Scotiabank is no stranger to the money market. It already has five mutual fund accounts but these are invested almost entirely in United States or Canadian dollar instruments.
Scheduled for introduction in the third quarter of this year, it will be managed by Scotia Jamaica Investment Management which saw its portfolio under management grow by 31 per cent to $24.2 billion in 2004. The company realised net income of $244 million last year.
Mr. Clarke also outlined a number of strategic plans which the bank plans to implement to improve its existing products. These include:
Phased enhancement to ScotiaMint (which has already increased its accidental death benefit). Scotia Jamaica Life Insurance Company had an eight per cent increase in its net income to $937 million.
Renewed emphasis on mortgage lending through Scotia Jamaica Building Society. In its 10th year of operations, SJBS returned a profit of $300 million in 2004.
Commenting on the overall performance of BNSJ for 2004, the CEO reflected that 2004 "marked the eight consecutive year of increased profit for Scotiabank Jamaica and was accomplished in a very challenging
economic climate, which saw reductions in market interest rates."
Two executives from Scotiabank's Canadian office were present at the AGM. They were executive vice president of international banking at BNS, Canada, Robert H. Pitfield (who's also the chairman of BNSJ) and the president of BNS, Canada, Richard Waugh.
