Guardian Holdings Limited (GHL) announced today that it had completed the sale of its investment firm, Guardian Asset Management Jamaica Limited (GAM), to Proven Investment Limit.

The Trinidadian-based firm today notified the Jamaica Stock Exchange (JSE) that “GHL has completed the sale of 100 per cent of the shares of GAM” but noted that “the operations of GAM in Trinidad & Tobago have not in any way been affected by this transaction”.

“Funds managed on behalf of Guardian Life Limited (GLL) and West Indies Alliance (WIA) in Jamaica will now be managed by an Investment Department within GLL, led by Vice President Michael Parker,” added the release.

Guardian Holdings Limited (GHL) reported in its annual report for 2009 that GAM Jamaica made revenue of J$813 million, an increase of 77 per cent over that reported for 2008, and after tax profit of  J$463 million, an improvement of 147 per cent over the previous year.

Proven is a partnership of Jamaican investment bankers – Peter Bunting, Gary Sinclair, Mark Golding and Christopher Williams – which raised US$20 million from 150 private and institutional investors in January this year and which commenced operations in March.

Proven raised US$20 million in late January when 150 private and institutional investors took up 200 million shares in the company. Proven obtained a securities dealers licence from the Financial Services Commission (FSC) in the May.

Buy your copy of tomorrow’s Observer to read the full story in Caribbean Business Report…Related story:Proven set to acquire Guardian Asset Management