Cumax Wealth Management to shake up financial industryWednesday, July 21, 2021
Chief executive officer of Cumax Wealth Management Ian McNaughton has cast a vision for the investment house to play an integral role in Jamaica's financial sector and become a household name like its more well-known competitors.
Speaking at a recent rebranding launch of the company, formerly known as Credit Union Fund Management Company (CUFMC), he noted that the rebranding is an “opportunity for refocusing, reconfiguration and re-energising” the operation“.
“We look to improve our business processes with the use of technology, which will allow us to be more responsive to our clients, responsive to the markets and environmental needs, and ensure that Cumax Wealth Management is spoken of in the same sentences [with] NCB Capital Markets, Barita Investments Limited, JMMB... to ensure that when conversations take place with regard to brokerage houses, Cumax Wealth Management is part of that conversation and eventually leads that conversation,” McNaughton stated.
To accelerate the transition process, as well as, to improve the company's profile, Cumax will be investing in improving its technological interface so that clients can enjoy a “frictionless” experience and have easier access to their information. In addition, the CEO said, the improvements will enhance the onboarding of new clients.
“We look to increase our client base with our improved offerings, with our improved services, with our improved client interface,” McNaughton emphasised.
Cumax, like its predecessor, CUFMC, will remain a subidiary of the Jamaica Cooperative Credit Union League. However, the renaming of the wealth and asset management firm, which took effect on March 24, 2021, now allows the organisation to expand beyond its traditional client base, comprising credit unions, to serve members of the investing public.
As a licensed securities dealer with the Financial Services Commmission and a member dealer on the Jamaica Stock Exchange, Cumax deals in unit trust funds and collective investment schemes, as well as brokers the purchase of bonds and stocks. It is also an approved pension fund manager and pension fund administrator.
Not new to the game
According to president of Cumax Wealth Management Lambert Johnson, “The name might be new, but we are certainly not neophytes as we have a solid past of exceptional performance in the financial landscape.”
However, he noted that the name change is a “proactive” response to pending changes that will be introduced through a Credit Union Act now being drafted by the Bank of Jamaica. The legislation would have excluded the company from using “credit union” in its name since it is not operating in that space.
Like McNaughton, Johnson believes the rebranding represents a “seismic shift” for Cumax, as it will position the company “front and centre” of Jamaica's investment industry. In fact, he revealed plans to increase the company's assets under management, which amount to over J$20 billion, and teased the gathering with a soon-to-be announced new product.
“We have a suite of Cumax products which is already satisfying the needs of our clients, but there is one product being created that's in the pipeline. This particular product, when launched, will revolutionise the investment landscape and will be envied by our competitors. This product is set to rock your financial world!” he added.
Also speaking at the launch was president of the Jamaica Cooperative Credit Union Managers Martin Blackwood, who endorsed the name change and underscored that the exercise became necessary due to increased demand among credit unions to preserve liquidity, generate revenue and increase surplus.
This, he said, drove the renewal and increased capacity of the firm to explore investment opportunities.
Blackwood encouraged the company's staff to prepare “for the immediate influx of funds from credit unions, adding that he is “confident that Cumax Wealth Management will be a brand-name company and a beacon in the financial industry.
“Today we celebrate the birth of a financial giant,” he stated.
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