VM Wealth Management has expanded beyond Jamaica’s shore with the opening of a new office in Barbados.

It’s still early days for the institution which opened its doors in Welches, St Thomas, earlier this month, but CEO VM Investments Limited and VM Wealth Management Limited (Jamaica) Rezworth Burchenson says it will test Barbadians with its mutual fund offerings while it assesses the financial needs of the market to develop on its suite of products and services.

Burchenson said, while VW Wealth offers unit trusts in Jamaica, mutual funds are the more recognised investment vehicle in Barbados.

“These funds are Barbados dollar-denominated,” he said in responding to queries from the
Jamaica Observer.

Barbados is not an entirely new market to the VM Group.

Its expansion to the market comes just a year after VM Investments Limited closed on a definitive agreement with Republic Bank (Barbados) Limited to acquire 100 per cent of the issued and authorised common shares in Republic Funds (Barbados) Incorporated (RFI), the owner and operator of the Republic Bank Barbados family of mutual funds, comprising Republic Property Fund, Republic Income Fund, and Republic Capital Growth Fund.

Through the diversity and low point of entry of mutual funds, Burchenson said the VM Wealth Barbados Office will be targeting a wide cross section of the Barbadian public seeking to commence and further diversify their investment journey.

He added that the VM Group’s investment in Barbados supports its wider regional thrust initiative which is targeted at providing “first-rate products” to Caribbean people.

“This investment is the first of a broader programme which we will execute in the medium term,” Burchenson said.

The financial institution, which raised $11 billion on the private market from an offer of preference shares through new entity VM Financial Group, has been aggressive in executing partnership or acquisition opportunities across the region. The organic and inorganic growth strategies are part of the financial conglomerate’s initiatives to boost revenue through diversified and integrated service offerings.

VM Wealth Barbados Office is being led by Sean Yearwood, a Bajan with more than 15 years’ experience in the financial industry in Barbados. Yearwood’s primary focus is on expanding and strengthening the investment culture in Barbados, while positioning the business as the “premier solution” for investments and wealth management needs and education in Barbados and the wider Caribbean.

“I intend for this office to be synonymous with simplifying investments, promoting financial well-being, and providing access to financial health and wealth through the products we offer,” he said in a press release from the company.

Meanwhile, Burchenson said Republic Bank Barbados will provide back-office support to VM Wealth Barbados throughout this phase of its operations until the institution can be managed entirely by its own team.

“While the staff complement in Barbados physically is two persons, the operation will be supported by the entire VM Wealth team in Jamaica and the wider group as needed,” Burchenson said.

— Karena Bennett