Dr. Herman Ming is to head the West Indies Union Investment Management Limited as of December 1. - Contributed

For two years, the Seventh-day Adventists (SDA), a Christian denomination of 232,000 mem-bers, have operated an investment company, which is planning to improve its operations with the appointment of new managing director, Dr. Herman Ming, come December 1.

West Indies Union Investment Management Limited (IML), which was esta-blished in 2004 at a cost of $2.5 million, up to six months ago, had increased its share capital by $50 million. It is owned by the An-drews Memorial Hospital, the Nor-thern Caribbean Uni-versity (NCU) and the religious minis-tries of the West Indies Union Con-ference of the Seventh-day Adventists.

Ming has been the company's treasurer since 2000. The com-pany's owners gave him the top job because of his track record in the financial sector and the fact that he is a licensed dealer.

"We had to find other ways to ensure there was sustainable development for the various areas of the social gospel," said Ming, explaining that the private university schools and hospital rely on the profits of IML to fund their operations.

High-risk investments

IML is licensed by securities regulator Financial Services Commission to offer financial services similar to those offered by investment houses such as top houses Jamaica Money Market Brokers and Dehring Bunting and Golding Limited.

Some of its offerings include certificate of deposits (CDs), repurchase agreements and United States and Jamaican fund accounts.

But, according to Ming, IML shies away from very high-risk investments.

The new IML manager, who also oversees the core finances of the SDA movement, says the investment company has about 1,000 client investors.

"It is open to everyone and not just members of the Adventist faith," he told the Financial Gleaner.

With more than 200,000 Adventists available as a potential market, IML has opted not to market the company outside the religious com-munity, hence its lack of visibility.

Very competitive

The company operates out of offices in east, west and central Jamaica, paying them subsidised fees for the operating space.

Its locations are Brunswick Avenue in Spanish Town, Constant Spring Road, Kingston, Draxhall in St. Ann, Mount Salem in Montego Bay and Manchester Road in Mandeville. The last is its headquarters.

Ming says that in his new role as IML head, he plans to grow the company in Jamaica and then across the Caribbean. However, would not comment on his targets.

He said the company is competitive with the regular financial houses, offering investment counselling to its clients.

The shareholders, he said, opted for an investment company instead of a credit union, saying the church was reluctant to take on the management and risk of a loan portfolio.

susan.smith@gleanerjm.com