Sterling Asset delays MoBay expansion plan
Published:Friday | October 11, 2013 | 12:00 AM
Sterling Asset Management Limited is actively wooing clients in western Jamaica, but has shelved plans to set up shop.
Sterling Asset operates from its sole base at Barbados Avenue in New Kingston.
"We don't see ourselves opening a physical office in western Jamaica before two years," said Charles Ross, president and chief executive officer, at a cocktail event held in collaboration with the ATL/Sandals group and Caribbean Producers Jamaica Limited at the ATL Automotive showroom in Montego Bay on Tuesday.
"Such a move is not being considered at this time, as we are confident of maintaining our high standard to our clients throughout the world, and they have expressed satisfaction with our system," said Ross, who acquired full ownership of the company in March of 2009.
This after purchasing 48.9 per cent of the company that was held by Mildred Moss, Winston Hepburn and Wallace Nelson.
Sterling initially announced plans to expand to Montego Bay, but has since shelved them.
Founded with a capital base of J$19.5 million, the firm which offers investments in both US and Jamaican bonds, and international trading of securities, claims return on equity of 35 per cent per annum over the past decade. It has a capital base of US$16 million, with assets under management totalling US$130 million (J$13 billion).
Gregory Fisher, managing director and head of institutional emerging markets fixed income sales of Oppenheimer and Company, one of the custodians of Sterling's investment portfolios, believes the uncertainties of the Asian, European and US markets could result in an increase in international investors for firms like Ross'.
"Currently, Latin America and the Caribbean is most attractive to our Asian investors," said Fisher, who gave the keynote address at the event.
Fisher said global investors are on the hunt for greater yield and stability, and this is expected to be in Jamaica's favour "especially if Jamaica stays within the guidelines given by the IMF".