Investment conglomerate, JMMB Group Limited, has rolled out a new platform — JMMB Interactive — for customers in Trinidad and Tobago, which is aimed at improving ease of access to international brokerage services, and at the same time assist the group in tapping into the local wealth market.

On Thursday, February 16, the group indicated that JMMB Interactive is the result of a partnership between JMMB Investments Trinidad and Tobago Ltd and Interactive Brokers LLC.

“JMMB Interactive allows clients to access international financial markets along with robust reporting, educational and research resources; all while providing safe, secure custody of assets,” the company said in response to the

Jamaica Observer. It “offers a flexible and affordable way to access international brokerage services including trading access, margin access and wealth management services,” it was stated.

Operations in T&T, under subsidiaries Intercommercial Bank Limited (IBL Bank) and JMMB Investments Trinidad and Tobago Ltd, are a part of the group’s regional diversification strategy.

JMMB Group, which is the largest securities dealer in home territory Jamaica, is seeking to further establish its presence in the market and provide a diversified bundle of financial solutions to clients.

The estimated size of the wealth management market in T&T, using the boundary of the wealth management market on domestic hard currency deposits, is approximately US$3.4 billion. This excludes funds held outside of Trinidad and Tobago.

The group told

Caribbean Business Report, “JMMB Investments Trinidad and Tobago Ltd is a fairly new player in the Trinidad and Tobago market, having made its first foray into the wealth management market in 2014, and has sought to further establish its presence in the market and provide a diversified bundle of financial solutions to clients.”

The group’s operations in Trinidad contributed $1.7 billion or 12 per cent to revenue for the nine-month period ended December 31. Jamaica contributed $6.2 billion, and the Dominican Republic $746.46 million.

For the nine months ended December, the group itself recorded net profit of J$2.68 billion for the nine-month period ended December 2016, which reflects a 55 per cent increase year over year.

Operations in Jamaica, Trinidad and Tobago and the Dominican Republic reported growth of 30 per cent, totalling $11.06 billion in operating revenue over the reporting period.

The brokerage reported growth across all its revenue lines. Net gains on securities increased by $1.36 billion, up by 48 per cent, over the comparative period, totalling $4.17 billion.

The company said in a release following its financial report: “This growth was driven by leveraging market opportunities and increased investor appetite in emerging market assets because of the high cash levels in circulation globally. Additionally, the positive economic outlook for Jamaica spurred higher demand for Government of Jamaica (GOJ) global bonds, thereby increasing trading volumes.”

Net interest income also grew by $844 billion to $5.07 billion when compared to the prior period, resulting from growth in investment and loan portfolios.

In addition, fees and commission income increased by $185 million over the previous quarter. Furthermore, net foreign exchange earnings increased by 18 per cent to $931 million, comparative to the previous period, as a result of increased volume in trading coupled with a one-off market opportunity during the first quarter.

The group’s asset base totalled $253.81 billion, which reflects an increase of 10 per cent relative to March 2016, or $23.21 billion.