Brian Frazer has joined the VM Group as deputy chief executive officer (CEO) of Victoria Mutual Investments Limited (VMIL) and Victoria Mutual Wealth Management Limited (VM Wealth) as of September 1.

Frazer will work alongside VMIL and VM Wealth CEO Rezworth Burchenson as the investment and brokerage companies continue their aggressive growth plans this year. Frazer was the chief investment officer (CIO) and head of asset management at Scotia Investments Jamaica Limited before his move to the VM Group. He also held the role of CIO and head of products for Scotia Asset Management Caribbean.

According to Frazer’s LinkedIn profile, he has been working at the Scotia Group since June 2002, where he started as a manager of securities trading and investments. Based on his profile, Frazer spent the last 20 years of his investment career at various capacities for Bank of Nova Scotia. One such role was as the managing director of Scotia Investments Trinidad and Tobago Limited for more than five years. His other roles before that were as an investment trader for two years at Sigma Investment Management Systems Limited and assistant treasury manager for two years at Manufacturers Sigma Merchant Bank Limited.

Frazer was the founding president of the Chartered Financial Analyst (CFA) Society Jamaica and currently serves as a director of the Pension Industry Association of Jamaica.

This is the first time that VMIL and VM Wealth have had a deputy CEO since January 2021 when Colando Hutchinson left after taking Burchenson, Courtney Campbell, VM Wealth, and Victoria Mutual Building Society to the commercial division of the Supreme Court of Jamaica to file an injunction to prevent disciplinary proceedings against him from taking place. Colando became an executive consultant to Alliance Investment Management Limited in April 2021, according to his LinkedIn profile. Alliance recently sold its securities dealers book to Sagicor Investments Jamaica Limited.

The departure of Frazer also marks the latest executive to depart the Scotia Group. Dr Adrian Stokes resigned as head of insurance and wealth on February 18; Dave Dixon resigned as director of sales and service and regional head of client advisory services to join Barita Investments Limited in the same role in March; and Richard Fraser resigned as vice-president senior legal counsel and corporate secretary on July 14. The roles of manager, investment management in the asset management unit, senior investment strategist and pension administration officer have all shown up on LinkedIn within the last three months for Scotiabank Jamaica. No new director from the Scotia Group has been appointed to the Jamaica Stock Exchange’s board as yet.

In the meantime, VM Wealth has promoted and expanded the responsibilities of existing middle managers while attracting new managers. Evette Bryan was promoted to assistant vice-president (AVP), treasury and asset management; Denise Marshall-Miller was promoted to senior manager, bonds, equities and digital assets trading; Peta-Gaye Russell-Peart was promoted to team lead, premium wealth sales; Daniele Clarke was promoted to team lead, client relations; Nicole Adamson was given the new title of manager, research, business planning and investor relations; Jason Bailey was added as manager, risk and compliance; and Gwelodine Ricketts as manager, capital markets. Tamara Waul Dougla resigned as senior manager of sales and client relations on August 12,

VM Wealth’s capital markets team of AVP Dwight Jackson, Ricketts, and Assistant Manager Romario Sterling have been executing a variety of private and public deals so far this year. Some of which includes Dolla Financial Services Limited’s oversubscribed initial public offering to the tune of $4.762 billion, Kingston Properties Limited’s $1.552 billion additional public offering, and MFS Acquisition Limited’s $29.99 million reverse takeover of SSL Venture Capital Limited. It will also be leading the iCreate Limited rights issue and acquisition of Visual Vibe.com Limited, MoneyMasters Limited’s upcoming significant transaction, Dolla’s $1-billion bond raise, and VMIL’s role in the 1834 Investments Limited and Radio Jamaica Limited (RJR) scheme of arrangement.

VMIL will buy up to $700 million worth of 1834 shares surrendered by 1834 shareholders who want cash instead of RJR shares. VM Wealth also arranged the multimillion-dollar transaction by Able-Don Foote’s Astronomical Holdings Limited acquisition of 12.83 million shares in Fontana Limited valued at $96.23 million.

After a rocky first quarter, VMIL’s resurgent second quarter pushed the firm’s six-month net interest income and other operating revenue 10 per cent higher to $1.08 billion. Due to higher staff costs and overall expenses, VMIL’s net profit shrunk five per cent to $250.71 million. Its total comprehensive income came in at a $812.16 million reduction due to $1.84 billion mark down on the fair value of investment securities.

VMIL’s total assets have grown two per cent year over year to $29.12 billion with $18.80 billion in investment securities and $4.62 billion in loans receivable. VMIL’s total liabilities rose six per cent to $25.88 billion as the company raised $1.15 billion in debt financing to de-risk its balance sheet and reduced its repurchasing agreements by $3.74 billion. Shareholders equity declined by 24 per cent to $3.24 billion as the investment valuation reserve went negative to reflect the reduction in its investment securities portfolio.

Apart from VMIL taking a stake in Home Choice Enterprise Limited run by Kareema Muncey in June, VMIL is also injecting $600 million in equity capital into VM Wealth. The first tranche of injection was done on March 31 while the second tranche will be completed later in the year.