Stocks & Securities posts operating revenues of $32.08 million for the first quarter of 2014

Stocks & Securities posts operating revenues of $32.08 million for the first quarter of 2014

Friday, March 21, 2014

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STOCKS and Securities Limited (SSL), the Kingston-based wealth management and financial planning organisation registered an operating revenue of $32.08 million, as of January 2014.
The firm is a licensed securities dealer by the Financial Services Commission and is a member of the Jamaica Stock Exchange.

President and CEO Mark Croskery, believes that Jamaican investors are becoming more in touch with the reach that the global economy offers, as they continue to target and perform well with international purchases upon consultation with SSL Wealth Advisors.

"Some SSL recommendations out-performed the American S&P 500 for the period," he noted, "as our Wealth Advisors' clients benefited from a total return of 24.85 per cent from Nike Inc stocks, and 27.16 per cent from Interactive Brokers. For the same holding period, we saw Royal Dutch purchasers receiving 14.92 per cent on total returns, and 14.59 per cent for McDonald's.
Locally, Scotia Group Jamaica performed a total return of 27.57 per cent for the recommended holding period."

Since the launch of SSL Online, the company has had a 3.41 per cent penetration rate in its client base, which they aim to increase to 20 per cent by June of this year, by adding another 800 client activations by Wealth Advisors.

Fees and commissions provide the lion share

Approximately 72.8 per cent ($23.36 million) of SSL's operating revenue for the period came from the fees, commissions, and trading gains from Financial Advisory, the firm's growing core business.

Since SSL sold its repo portfolio to JN Fund Managers Limited last November, the company has been keen on the service of Financial Advisory for both local and international investments. SSL's Wealth Advisors are certified fit and proper by the Financial Services Commission, and provide investment advice to customers.

To further diversify its financial products offered, SSL will be launching Jamaica Dollar Unit Trusts, American Dollar products, and a wider reach Real Estate Investment product for the mass market, all subject to regulatory approval.

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