JN Fund Managers buys SSL"s repo book

Business

Wednesday, September 11, 2013

JN Fund Managers (JNFM) bought Stocks and Securities Ltd’s (SSL’s) repo book last, Monday.“The agreement will see the transfer of approximately 500 SSL clients to JNFM,” said an advertisement jointly published by the two investment firms.SSL CEO Mark Croskery said that his company wants to focus on wealth management and financial planning, and the move reflected a trend that has been taking place in the local financial sector over the past 12 to 24 months.“Some companies have been reducing on-balance sheet exposure to repos,” he told the Business Observer.Mayberry Investments is one such firm.The near-bank said that it is committed to exiting the repo line of business.“There was a $2.8 billion reduction in our total assets, which was due to our efforts in reducing our retail repos,” said Mayberry in its latest financial statements.Indeed, the investment firm has lowered its investment securities from as high as $22.5 billion at the end of September 2011 to $13.9 billion at the end of June this year.JNFM chose not to comment on the transaction at this time, but some market insiders have pointed to a bigger play in the making for the subsidiary of Jamaica National Building Society.During a six-month transition period, clients will continue to liaise with SSL on their investments, according to the notification published last week.JNFM and SSL are both licensed securities dealers, regulated by the Financial Services Commission.JN Fund Managers buys SSL’s repo book

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JN Fund Managers buys SSL"s repo book