Private Client has announced a Canadian first: the capability to provide investors with access to investments on the Jamaica Stock Exchange (JSE).
Investments on the JSE are typically not available for Canadian investors to directly purchase. However, through a collaboration with Fidelity Clearing Canada, Mandeville has provided its advisors and clients with access to opportunities on the emerging-market exchange.
According to a statement from the firm, the JSE is the oldest and largest stock exchange in the English-speaking Carribean, as well as the first to have an electronic trading platform. It was also recognized as the best-performing stock exchange by Bloomberg in 2015.
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“This capability is part of the client/advisor experience road map that Mandeville is pursuing,” said Frank Laferriere, senior vice president and chief operating officer of Mandeville. “We are pleased that our clients will now have access to the JSE as it provides a broader range of quality investment opportunities with high growth potential.”
“As one of Canada’s largest carrying brokers, Fidelity is motivated to find ways to support the unique business requirements of our clients, including accessing foreign markets,” said Ted George, head of trading for Fidelity Clearing Canada. “By working closely with Mandeville and their Jamaican partners, Fidelity was able to implement the necessary trade execution and custody infrastructure to support this initiative.”
The Jamaican economy is targeting annual GDP growth of 5% by 2020. To enable this growth, the government of Jamaica launched its Economic Growth Council (EGC). Chaired by Mandeville Chairman Michael Lee-Chin, the EGC is responsible for advising the Jamaican government on initiatives and sub-initiatives for economic growth.
“As we have experienced directly with our direct investments in the Caribbean region, notably with our 2002 investment in National Commercial Bank Jamaica Limited, wealth is created in economies that are in transition from inefficient to efficient,” Lee-Chin said. “[A]s the economy continues to become stronger and more robust, wealth will continue to be created for the country and its investors.”
Mandeville clients can purchase JSE-listed investments in registered as well as non-registered accounts.
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