By Dennise Williams, Staff Reporter
A client of Capital & Credit Fund Managers Limited, Joyce Lamb (right), cuts the ribbon of the official blessing and opening of the office. Looking on are Ryland T. Campbell (centre), group chairman; Father Canon Robert Thompson (second right); Iran Pyne (second left), assistant vice-president and manager, CCFM; and Curtis Martin (left), deputy group president. - Contributed
"WE ARE on a deliberate strategy to developing the Capital & Credit brand within the Caribbean," stated Chairman of the Capital & Credit Financial Group (CCFG), Ryland Campbell.
Mr. Campbell was speaking at the launch of Capital & Credit Fund Managers (CCFM) Limited, formerly known as the Jamaica Unit Trust on Monday at CCFM's headquarters at 50 Knutsford Boulevard.
Last year, after intense bidding by several financial institutions, the Government's 94 per cent ownership in the Jamaica Unit Trust was acquired by the CCFG in May for approximately $200 million and ownership transferred on October 1.
NEW LINES OF BUSINESS
As a subsidiary of Capital & Credit Merchant Bank (CCMB), the unit trust brings to the merchant bank a base of 15,000 accounts and according to deputy group president and bank CEO, Curtis Martin, "CCFG will be able to offer new lines of business, savings and investment options, which have a strategic fit and will enhance shareholder value as the organisation continues to ready itself for international competition."
Interestingly, as part of the package, the former Jamaica Unit Trust came with a licence to operate a unit trust in the Cayman Islands. And as the group already has a remittance arm in the Cayman Islands Money Express operated by Capital & Credit Remittance Limited (not a part of the listed Capital & Credit Merchant Bank), the products could be marketed at the same locations to meet the different needs of clients in the Cayman Islands.
However, according to Mr. Campbell, "we have not taken the decision as to what to do with the Cayman licence." Yet, as the company strives to position itself as a Caribbean financial service provider, it is clear that the opportunity is ripe to make use of any links outside the shores of Jamaica.
EYEING OVERSEAS MARKETS
In fact, Mr. Campbell stated at the launch, "It is our intention to launch products outside of Jamaica. However, the vehicle has not yet been identified in order for us to do so." Nevertheless, CCMB is cross-listed on the Trinidad and Tobago stock exchange.
And while the Capital & Credit executives keep their Caribbean expansion plans close to the chest, Mr. Campbell hinted, "it is possible that we will be creating a new unit trust product some time in the future that will give our customers a hedge against devaluation of the Jamaican dollar. First we have to put it before the regulators and so we would look to launch that in 2006."
Currently, CCFM offers the Income & Growth Fund (blue chip stocks); the Capital Growth Fund (stocks and commercial real estate) and the Gilt Edge Fund (money market investments).
Mr. Martin informed Wednesday Business that the entire Capital & Credit group will be undergoing website redesign and by year-end, there will be online banking in place.
Wednesday Business was also informed that the corporate aim is to increase CCFM's existing client base by at least 25 per cent by year-end.
Iran Pyne will be the managing director of the fund managers.
