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Local News>Sterling Asset expanding to MoBay - Hunts forex trading licenceDionne Rose - Business Reporter |
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Sterling Asset Manage- ment will, within the next six months to a year, expand the company outside of Kingston to Montego Bay.
"That is going to be a fairly significant investment," managing director Charles Ross told the Financial Gleaner though he declined to put a dollar figure to the investment.
Still, it will be a fairly small operation, with about eight staff, but Ross is also hoping to trade foreign exchange at the new branch.
Cambio Operation
"We will be offering the same products and services at that location as well and hopefully we will have a cambio operation as well," he said.
The latter requires a licence from the Bank of Jamaica, overseer of the foreign exchange market.
Ross' company, though it has been around for eight years, on Wednesday night celebrated the first anniversary of operation from its sole base at Barbados Avenue in New Kingston.
Sterling's offerings include investments in both US and Jamaican bonds, and international trading of securities such as US repos.
Ross said despite the challenges faced in the financial sector, his company performed well last year and pointed out that the company has started out well this year.
"Sterling has enjoyed very strong growth since our inception and in fact the company is now positioned to embark on a period of even more growth since inception," he said.
Since the company was established at the turn of the decade, its asset base has multiplied 10-fold according to David Weir, manager of investment and client services.
"In 2001 Sterling Asset Management was set up and had a capital base of $19.5 million. Now, that is nearly four times the actual stipulated capital requirements at the time, which was $5 million and today the company has capital well in excess of $200 million," said Weir.
In the meantime, Ross said the company will be pumping up its marketing efforts to draw more business.
"Part of our thrust for growth will involve a more aggressive marketing campaign and that is going to stretch over a number of media, traditional and untraditional and include what we hope will be some very innovative public relations and advertising initiatives, in short the Sterling Dolphin will be a bit more in your face," he said.
Ross said there are plans to broaden the client base of the company with the introduction of new product offerings, including the cambio.
Licence Application
The application to the BOJ for the licence has already been done.
"One thing we won't be changing is our high quality of investments that we offer. We will continue to offer what we think is the best risk adjusting returns in the market place. Safety and security will remain the watch words for Sterling Asset Management," he said.
Ross started the company with partner Michelle Moss who left the company some six months ago.
His current management team includes: Judith Bloomfield, operations manager; Raquel Gentles, finance manger and Weir.
dionne.rose@gleanerjm.com