Trini mutual funds company set for Jamaica
Unit Trust Corporation (UTC), a mutual fund domiciled in Trinidad and Tobago has announced the signing of a joint venture agreement with GK Capital Management Limited (GK Capital), a subsidiary of GraceKennedy (GK) Limited to offer additional investment options to Jamaican investors.
The UTC is the largest mutual fund service provider in Trinidad and Tobago, with assets under management as at December 31, 2021, totalling TT$25.5 billion (US$3.75 billion).
UTC, in a company release, said that the Jamaican market is characterised by “a vibrant money market, a dynamic stock exchange, and close affiliations with US financial markets via money transfers. Within this environment”.
UTC indicates that it will leverage its expertise and replicate what was accomplished in Trinidad and Tobago to provide financial hope and create wealth, but now also for Jamaican investors.
UTC Executive Director Nigel Edwards said, “We are elated about this partnership and believe the timing is perfect. Even as uncertainty keeps sweeping global economies, financial markets and industries, we remain focused on delivering value. UTC’s business trajectory is prudently mapped, and our investment management philosophy is borne out of a customer-centric approach.”
Don Wehby, group chief executive officer of GraceKennedy, explained, “For over 100 years, Jamaicans have remained confident in GraceKennedy’s ability to generate innovative solutions. These new investment options from GK Capital in partnership with UTC will serve as another great example of our company’s commitment to delivering world-class investment products to our customers.”
Steven Whittingham, deputy chief executive officer of the GraceKennedy Financial Group and the head of GK’s Investment and Insurance Divisions, acknowledged that “The initial funds will diversify the sphere of investment opportunities for GK Capital’s clients and expand our product reach. While we are entering a competitive collective investment scheme market, the design of the funds and the planned novel approaches to distribution, will deliver a unique customer experience and drive client acquisition and the accumulation of assets under management.”
