Sep 2004 Financial News

Grace looks to UK, expands in Cayman

Sep 29, 2004

Grace, Kennedy's financial services division is preparing to market a new set of products to the Jamaican and Caribbean Diaspora in the United Kingdom in the first quarter of 2005, the division's head, Don Wehby, confirmed yesterday.

"We have a strategic plan in place, so once we get the nod from the regulators we will be ready to roll-out," he said. "They are all new investment instruments tailor-made to that market -not just to Jamaicans, but to Caribbean people."
Wehby added that a part of Grace's mission was to "meet the unmet needs of Caribbean people" living overseas.

"We are looking at the possibility of entering into an alliance with a major UK financial institution," Wehby said in hinting at a possible marketing strategy for entry to that market. He added that Grace may set up a small office in that market.

Over the past year-and-a-half, the conglomerate has been building its financial services division, and has announced plans to list First Global Financial Services on the Jamaican
Stock Exchange within months.

This week, the company secured approval from the Cayman Islands Monetary Authority to market three new mutual funds, and will next week open EC Global Insurance in St Lucia - a joint venture with the Bank of St Lucia

Source: Jamaica Observer