THE Victoria Mutual Group on Friday announced its intention to acquire full ownership of Prime Asset Management Limited.
The purchase, which is subject to approval by the Bank of Jamaica, will see VM's share ownership in Prime Asset move from 18 per cent to 100 per cent, making it a wholly owned member of the Victoria Mutual Group.
"We are excited with the acquisition, as it forms part of the strategic efforts to diversify our product portfolio and boost total assets under management," said VM's President and CEO Richard Powell, noting that Prime Asset is a market leader and currently the fifth-largest pension fund investment manager and administrator in Jamaica.
Prime Asset, which has been providing pension fund investment advisory services for the past 16 years, will continue to operate as a separate entity under the leadership of Managing Director Rezworth Burchenson, stated a press release.
Prime Asset's chairman Herbert Hall said the organisation will remain steadfast in its commitment to trustees and pensioners.
With an asset base in excess of $80 billion, VM Group provides a range of financial services that include savings, mortgages, securities trading, and brokerage, asset management, money transfer, and real estate services. Pension fund management and administration, the company said, is an important addition to its portfolio of services.
VM Group has been providing financial services to its members for over 134 years. It has 15 branches throughout the island and operates representative offices in large overseas metropolitan centres with high concentration of members of the Jamaican diaspora.
Up to the end of 2011, the group had a mortgage portfolio of $27.55 billion and savings of $53.3 billion. It recorded net profits of $2 billion in 2010 and $913 million the year prior. The firm has accumulated $8.8 billion in net worth.
VM purchased 20 per cent of Prime Asset in 2008.