Sabrina N. Gordon, Business Reporter

( L - R ) Keith Duncan, Jamaica Money Market Brokers - Anya Schnoor, Dehring Bunting and Golding - Chris Williams, NCB Capital Markets - Donovan Perkins, Pan Caribbean Financial Services. - File photos

0rage, NCB Capital Markets Limited, has more than $150 billion in assets under management, the metric often used to value fund managers, but like the rest of the sector only a portion is captured on the balance sheet.

At December 2007, NCB Capital Market reported total assets of $57.6 billion, representing 38 per cent of assets under management, suggesting that it had guardianship of another $93 billion of funds under management (FUMs).

"We have been on a campaign," said Christopher Williams, managing director of NCB Capital Market, "coming from where we were for the last four years with total assets under management of about $60 billion to $65 billion."

The strategy also appears to have given Williams a significant lead on other big rivals, a Financial Gleaner snapshot of the market shows.

Seven per cent rise

Pan Caribbean Financial Services, for example, while its balance sheet reflects assets of $49.8 billion, the Donovan Perkins-led company said its assets under management had risen by about seven per cent to $110 billion in 2007 - placing NCBCM $40 billion ahead.

Jamaica Money Market Brokers, which has identified itself as the market's third largest player, controls $102.9 billion, while the Anya Schnoor-led Dehring Bunting and Golding had $89 billion at the end of January, moving from the $84.5 billion recorded at the end of October 2007, with managed funds then recorded at just under $35 billion.

The increase in assets came with the acquisition of Scotia Jamaica wealth management arm in mid- 2007, and the brokerage has since been renamed ScotiaDBG

Capital and Credit's balance sheet amounted to $54.65 billion for its merchant bank alone as per the company's fourth-quarter results, but the group's total assets under management was not forthcoming at the time when checks were made with the company.

Restructuring plans

The Capital and Credit financial group, whose other businesses include remittances and securities trading, is finalising its restructuring plans, and subject to shareholder approval, will be listing on the Jamaica Stock Exchange.

In 2006, Pan Caribbean's total assets under management were about $103 billion with on balance sheet assets accounting for $44 billion.

Within the past year, the company says it has been actively building and deepening customer relationships with the launch of its stockbrokerage website and a wider menu of financial services.

But it remains focused on growth, much of which it expects to come from its mid-2008, launch into the commercial banking sector.

For JMMB, which celebrated one year, of operation last November, the $102.9 billion in assets under management represents a 10 per cent increase over the previous year's $93.4 billion.

While no projected figure was given, the continued growth of its managed assets forms an important part of the company's four strategic 'imperatives' under its 2010 vision.

Its core business focus includes building out credit lines, developing new and innovative products, as well as greenfield expansion.

So far, the company, headed by CEO Keith Duncan, has made one acquisition in the Dominican Republic and is exploring parts of Central America for prospects.

Expansion mode

Like JMMB, Pan Caribbean is also in expansion mode, and plans include the leveraging of the relationship with Barbadian parent Sagicor to explore regional markets, but also development of new asset management products.

The company also recently went into the equities market seeking $2 billion to facilitate its growth plans, from a preference share issue in January, a security boldly priced at $200 per share.

For the coming quarters, ScotiaDBG says it will continue to review and enhance its sales distribution model as well as implement strategies during the year to drive further growth in its assets under management.

Williams says his focus has been more on the growth of off balance sheet assets.

"We have been working with our clients - selling them stocks and bonds, mutual fund products - and this has worked well, as evidenced from our off-balance sheet figure," he said.

"We are satisfied that we have made such good progress and it has paid off in terms of the company's bottom-line and creating wealth for our clients."

Continued expansion

Capital and Credit, for its part, is focused on continued expansion of its retail and corporate line, while selectively acquiring higher-yielding assets while stripping away those of lower yield.

At the other end of the scale, Mayberry Investments Limited, though high-profile, has a relatively small base, $21.85 billion in assets, when compared to the top brokerages.

"This figure could be taken as the total," said Chief Executive Officer Gary Peart, adding that there was no significant off balance sheet assets managed by the firm.

But Mayberry's landing of the job as lead broker on the Caribbean's largest corporate takeover - the acquisition of Lascelles deMercado by Angostura Limited - still gives it a prominent slot among the top firms in the sector, while the brokerage's monthly investor forums keeps its profile high in the financial community.

sabrina.gordon@gleanerjm.com

Assets under management

NCB Cap Markets $150 billion

Pan Caribbean $110 billion

JMMB $103 billion

DB&G $89 billion