The Unit Trust Corporation (UTC) has signed a joint venture agreement with GK Capita Management – a subsidiary of Grace Kennedy Ltd – to offer investment options to Jamaican investors.
In a release on Wednesday, UTC said the partnership will leverage each entity’s strengths to create value for individual and institutional investors.
“The Jamaican market can be characterised by a vibrant money market, a dynamic stock exchange, and close affiliations with US financial markets via money transfers. Within this environment, UTC will leverage its expertise and replicate what was accomplished in Trinidad and Tobago to provide financial hope and create wealth, but now also for Jamaican investors,” the release said.
UTC executive director Nigel Edwards said it will continue to focus on delivering value, even as uncertainty continues to affect global economies, financial markets and industries.
“This initiative is a significant milestone for the UTC and adds to our 40-year legacy of trust and significant contribution to the success of the financial services sector,” he said.
The UTC is TT’s largest mutual fund service provider with assets under management as of the end of 2021 amounting to $25.5 billion. GK, one of the Caribbean’s largest conglomerates involved in food manufacturing, distribution and financial services, is celebrating its centennial year and operates in the Caribbean, North and Central America and the UK.
Don Wehby, Grace Kennedy Group CEO, said that Jamaicans maintained their confidence in Grace Kennedy’s ability to innovate.
“These new investment options from GK Capital in partnership with UTC, will serve as another great example of our company’s commitment to delivering world class investment products to our customers,” he said.
Steven Whittingham, deputy CEO, GraceKennedy Financial Group and the head of GK’s Investment and Insurance Divisions, said, “The initial funds will diversify the sphere of investment opportunities for GK Capital’s clients and expand our product reach. While we are entering a competitive collective investment scheme market, the design of the funds and the planned novel approaches to distribution, will deliver a unique customer experience and drive client acquisition and the accumulation of assets under management.”