Jan 2007 Financial News

Drummond heads GK Funds in Cayman

Jan 24, 2007

Robert Drummond, Grace-Kennedy's Business Development Manager, is to head GK Invest-ments (Cayman) Limited.

Robert Drummond, recently assigned to scout and execute new business ventures for Grace-Kennedy's financial service arm, GK Investments, has now been named as CEO of the group's Cayman Islands-registered fund management subsidiary, GK Funds (Cayman) Limited.

Drummond's appointment - effective January 17 - has not yet been formally publicised.

However, Don Wehby, the boss of GK Investments, informed staff of the assignment in an internal memo this week and passing reference was made to Drum-mond's new job Monday night by staff of First Global Financial Services Limited (FGFS) when they hosted a briefing to flog the Canadian-based CI Funds to potential investors.

The First Global group incorpo-rating a commercial bank (number five of six in Jamaica) and an investment firm is a GraceKennedy subsidiary, and CI's funds are among the mutuals retailed in Jamaica by GK Funds, through FGFS.

In fact, Ray Chang, the Jamaican/Canadian businessman who is chairman of CI Funds, Canada's third largest funds management group, is also chairman of GK Funds.

While he will have responsibility for all aspects of GK Funds, Drummond retains his other job, driving new ventures and ensuring the smooth absorption of acquisitions into the operations of GK Investments, Wehby indicated in his memo.

Drummond, a Harvard MBA and certified public accountant, joined GraceKennedy two years ago as business development manager in the conglomerate's corporate office in Kingston.

Among his major assignments was managing the establishment of Medecus, a joint venture health insurance company that GraceKennedy set up with Trinidad and Tobago's Guardian Holdings, before Grace sold its half stake to its partner.

The Jamaica Gleaner
Wednesday, January 24, 2007
http://www.jamaica-gleaner.com/gleaner/20070124/business/business1.html
business@gleanerjm.com