ASSET MANAGEMENT
Despite twists and turns in the regulatory structure, the building blocks are in place for Jamaica to capitalize on its natural assets in order to grow its financial ones.
What sets your company apart?
CHRISTOPHER WILLIAMS Proven is a Caribbean-focused, private equity platform concentrating on financial services and real estate. We are both an English and Spanish-speaking platform but have been operating primarily in the English-speaking Caribbean. The company has been in operation for seven years and started with total assets of USD20 million. Currently, we are just under USD650 million and intend to continue on this path of strategic growth. During that period, our focus and major milestones have been on acquisitions and divestitures, all with the hope of being recognized as a frontrunner in the region. There have been five major acquisitions, including Guardian Asset Management (2010), First Global Financial Services (2014), Access Financial (2014), and BOSLIL Bank in Saint Lucia (2017). We are only just beginning. We are a team and feel that our competitive advantage is the extensive experience and acumen of our collective staff. The company sets aggressive targets, and this early in our evolution, we are still in the growth and acquisition phase. It is my role to find opportunities and execute them and ensure that we are the standard of success for Jamaica and the Caribbean's financial sectors.
CHARLES ROSS The main thing is efficiency. There certainly seems to be an attitude in Jamaica that labor is cheap so some firms hire people instead of using technology. We look at our competitors and most of them have maybe four times the number of people that we do, but it is not as though they have more assets under management. Maybe it is the focus of our business that has allowed us to be more efficient, but that is probably the main difference: we automate our processes as much as possible to try and make our technology work for us with integrated systems between investment management and accounting. We can have a quarter of the staff paid a little better than everybody else and at the same time deliver a good service to our clients. What's more, we have managed a little mutual fund for many years. We want to expand this opportunity and look into equities to expand our managed portfolio, especially outside of Jamaica. We already have a couple of institutional clients elsewhere in the Caribbean and are trying to develop that aspect of the business. We are also looking at private equity-type investment activities in a cautious way. That is where we see ourselves growing in the coming years. In the asset management business, we also hope that it will continue to be a major part of our core going forward.
How much opportunity is there in Jamaica right now?
CW Jamaica is hot, not just climate-wise, but economically. We have been “flat" for so long that it is strange to describe Jamaica in such a positive way; however, the economic transformation that began under the previous government has continued and even seems to be accelerating under this new government. This is a watershed moment in our history of which we want to take full advantage. We are doing several real estate developments and acquisitions in Jamaica. There is also scope for tourism in Kingston. When talking about brand Jamaica, the top characteristics are the sun, sand, and sea but there's also the incredibly rich culture. This is why the brand is unique within the Caribbean, our allure is our culture—there is none other quite like it. We know Kingston will eventually become a London, New York, or Toronto once the infrastructure is properly completed and crime is under control. People are going to gravitate towards Kingston.
CR In Jamaica, the biggest challenge is that our economy has not grown in a long time. For businesses to grow, we need to take market share from somebody else, and the bigger we get the more difficult that challenge becomes on a relative scale. So that is a huge challenge for business here in Jamaica and is why we have to be extremely cautious about how we expand our cost base because there is no guarantee that the revenues will grow correspondingly. That is a huge challenge everybody faces; otherwise, there has been a fall in volatility, which has been extremely welcome, certainly in the financial sector. Without growth, we wonder when the next bubble is going to explode or when the next bout of instability is going to arise because of things getting out of whack. Apart from that, in the financial sector another global challenge we face is regulation. Accounting rules are always changing with regulations coming and going. These do not always make it easier to do business or even understand our own business in terms of the accounting rules and gymnastics that you have to go through. That is a global issue.
ASSET MANAGEMENT
TABLE OF CONTENTS
Interview
Most Honourable Andrew Holness, Prime Minister, Jamaica
TBY talks to the Most Honourable Andrew Holness, Prime Minister of Jamaica, on efforts to foster sustainable and inclusive growth, the main challenges ahead for the nation, and its key successes in improving the business environment.
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Diane Edwards, President, Trade & Investment Jamaica (JAMPRO)
TBY talks to Diane Edwards, President of Trade & Investment Jamaica (JAMPRO), on making investments throughout the whole value chain, becoming a regional distribution hub, and boosting niche agricultural output.
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Courtney O. Campbell, President & CEO, Victoria Mutual
TBY talks to Courtney O. Campbell, President & CEO of Victoria Mutual, on the origins of financial inclusion in Jamaica, helping people get a start on their property journey, and assisting young businesses to exploit a positive business environment.
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Raymond Walker, Founder, Chairman & CEO , Caribbean Assurance Brokers Ltd. (CAB)
TBY talks to Raymond Walker, Founder, Chairman & CEO of Caribbean Assurance Brokers Ltd. (CAB), on fighting for its clients, using environmentally sound methods to drive down costs, and continuously driving innovation.
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Emanuel DaRosa,, President & CEO, Jamaica Public Services (JPS)
TBY talks to Emanuel DaRosa, President & CEO of Jamaica Public Services (JPS), on pursuing common goals in the best possible way, utilizing Jamaica's most abundant natural resources, and satisfying half of Jamaica's energy needs through renewables.
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Winston Watson, Group General Manager, Petroleum Corporation of Jamaica (PCJ)
TBY talks to Winston Watson, Group General Manager of Petroleum Corporation of Jamaica (PCJ), on keeping a hand in both green and black energy, helping the government reach its 2030 Energy Vision targets, and educating people on the importance of conservation.
read articleFocus: LNG Investments
Light My Fire Jamaica
The Jamaican government is pushing private investment in liquefied natural gas (LNG) to provide cheaper and cleaner energy to households and businesses. Through partnerships with local and international companies, New Fortress Energy is leading the way to ignite this sector.
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Gordon Shirley, President & CEO, Port Authority of Jamaica (PAJ)
TBY talks to Gordon Shirley, President & CEO of the Port Authority of Jamaica (PAJ), on the country's developing role as a logistics hub, attracting more cruise ships, and his outlook for the economy at large.
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Fritz Pinnock, President, Caribbean Maritime University
TBY talks to Fritz Pinnock, President of Caribbean Maritime University, on capitalizing on the rising power of the global south, customizing goods before they reach the final consumer, and leveraging Jamaica's geostrategic location to create added value.
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Winston Adams, JP, Executive Chairman, University of the Commonwealth Caribbean (UCC)
TBY talks to Winston Adams, JP, Executive Chairman of the University of the Commonwealth Caribbean (UCC), on the university's illustrious history, its upcoming strategies, and Caribbean Knowledge City.
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Michael Williams, Acting Executive Director , Mona School of Business and Management
TBY talks to Michael Williams, Acting Executive Director of Mona School of Business and Management, on maintaining quality across its programs, its achievements in the Caribbean, and the school's research-based approach.
read articleFocus: Downtown Kingston Revitalization
Drinking from the Fountain of Youth
Although the subject of much talk, downtown Kingston has been relatively neglected for many years while surrounding areas of the city attracted more real estate developments. A series of public and private investments indicate that the trend is finally reversing.
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Timothée F. Delebarre, Country Manager, VINCI Construction Grands Projets (VCGP)
TBY talks to Timothée F. Delebarre, Country Manager of VINCI Construction Grands Projets (VCGP), on diversifying their business lines, expanding Kingston's Port, and developing innovative financing mechanisms.
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Dittie Guise, General Manager, Montego Bay Convention Centre (MBCC)
TBY talks to the late Dittie Guise, General Manager of Montego Bay Convention Centre (MBCC), on marketing the convention center, creating an integrated tourist experience, and preparing for more events and visitors.
read articleFocus: Linking Tourism
Lifting All Boats in the Rising Tide
Although significantly contributing to the economy, tourism in Jamaica suffers from an inadequate level of linkage with other sectors. The government, in partnership with private actors, is launching a number of initiatives to ensure that international tourists meet local businesses.
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Natalie St. Louis, Founder, CEO & Managing Director, Strategic Konnections & Management Services Limited
TBY talks to Natalie St. Louis, Founder, CEO & Managing Director of Strategic Konnections & Management Services Limited, on working with businesses to further their goals, the importance of engaging with consultants, and goals for the coming year.
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