Proven Wealth starts tradingWednesday, March 27, 2013
PROVEN Wealth Limited, which got its member dealer licence last October, commenced trading activities on the Jamaica Stock Exchange (JSE) on Friday.
The investment firm will conduct the business of trading on the stock market, as well as assist companies to list their securities on the main or Junior markets.
"The stock exchange is very pleased with this development and has great expectation of Proven Wealth," said Marlene Street-Forrest, general manager of the JSE. "We are expecting, as time progresses, that the market should benefit from the products and services offered by this New Member Dealer."
She believes that the timing of the company's entrance into the market was "very strategic", given that the International Monetary Fund has predicted that there will be crisis risks abating, although downside risks remain significant, and that emerging markets, developing countries and the United States, should be the main sources of growth.
The company joins 10 other firms which currently offer products and services to the investment community through the JSE.
When the company got its licence last year, Proven Wealth CEO Chorvelle Johnson said the licence affords the company the opportunity "...to bring the high quality of service to the equities market that we have been delivering to the fixed income and the securities dealers' market; our goals are to bring new investors to the market and to increase and improve their portfolios".
Importantly, she said the company would aggressively target frontier funds and emerging market funds to be a part of its listings.
Proven Wealth is a wholly owned subsidiary of Proven Investments, which posted a US$3-million net profit for the nine months to December 31, 2012.
The firm contributed US$580,000 to its parent's net profit during the nine-month period, while its total assets stood at US$54 million at the end of 2012.
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