LEAD partners of Proven Investments Ltd, Peter Bunting and Mark Golding have been reappointed members of the company’s Investment Management Committee following the loss of the People’s National Party in the 2016 General Election.

Bunting and Golding, who are both politically aligned to the People’s National Party, resigned from Proven in January 2012 — the same day they were sworn in as ministers of government in charge of national security and justice, respectively. The investment house was started by Bunting, Golding, Gary Sinclair and Christopher Williams, who were involved at different levels in the former investment bank Dehring, Bunting and Golding.

Upon the duo demitting office, the committee was chaired by Christopher Bicknell, while lead principals Garfield Sinclair and Christopher Williams continued to provide support. Bunting and Golding also resigned from their roles as chairman and director, respectively, of the board of Proven Wealth Limited (PWL), a wholly owned subsidiary of Proven Investments Limited.

Subsequently to the resignations, Lisa Gomes was appointed as chairman of the board of PWL while John Bell and Chorvelle Johnson were also invited to join the board of Proven Wealth Limited.

“Ok… Peter and Mark…We know that you are upset that your party lost the General Elections. But look at the bright side: We want you back!” Proven stated in a published notice to the public entitled ‘Cheer Up’.

“The team and Proven is pleased to announce that reappointment of Peter Bunting and Mark Golding to our Investment Management Committee; returning from their leave of absence while serving the Government of Jamaica.”

“We thank and applaud them for their selfless service to Jamaica over the last four-plus years. Great job gentlemen. Welcome back,” it continued.

For the most recent quarter ending in December 2015, Proven Investments closed with losses of US$441,758 compared with the US$1,151,175 it made for the December 2014 quarter. The loss of profit was as a result of losses incurred from securities trading.

For the nine months ended December 2015 however, the fast-growing financial outfit generated net revenue of US$14.1 million, a 77 per cent improvement when compared to the US$9.3 million for the same period last year.

The increase, the company said, was mainly attributed to the acquisition of 49.72 per cent of Access Financial Services Ltd during the past financial year and also the growth in its portfolio of fixed-income securities. But net profit for the period declined 54 per cent.

“This decline in profits for the period and loss for the quarter ended December 2015 is mainly due to the decision to rebalance some of our positions in the portfolio, reducing our exposure to the high-yield bond market and specifically the energy and mining sectors,” Proven stated in its financials.

“Additionally, during the quarter the portfolio was negatively affected by a bond-restructuring exercise, which saw our holdings in certain unsecured bonds being exchanged for new secured bonds, but at a reduced principal value,” it continued.