The Keith Ducan-run Jamaica Money Market Brokers Ltd. (JMMB) created one of the largest waves in the financial sector last year when it completed the purchase of 100 per cent of the shares in the Capital and Credit Financial Group at a price of $4.55 per share or $4.22 billion. This saw JMMB gaining CCFG’s Merchant Banking and Unit Trust Licences as well as its portfolio of loans, deposits and investments and repo portfolio.

The Merchant Bank Licence will enable JMMB to offer services they have long sought to offer since they applied for a commercial bank licence back in 2008. The merchant bank licence is in fact a good substitute and permits them to offer credit card and debit card facilities. In addition, it opens up an avenue to get cheaper balance sheet funding while allowing them to expand their loan offerings.

An additional benefit of a JMMB/CCFG deal is that JMMB will be able to delve into the restricted unit trust market with CCFG’s three established products. This is in addition to JMMB’s two indexed funds which are both incorporated as companies in Cayman. The attractiveness of this business line is that it enables the company to deleverage its massive balance sheet in light of tighter capital requirements by the FSC. JMMB is the most leveraged of all players in its peer group.

JMMB’s audited Financial reports for 2011 extend into the first quarter of 2012, with a reported Group operating profit of J$2.78 billion and net profit of J$2.24 billion for the year and a 96% increase compared to the previous year’s result. Shareholders’ equity increased from J$9.4 billion in the previous year to J$10.87 billion.  Their achievements have been the direct result of a strategy focused on business line diversification, expanded regional growth, operational excellence and exceptional client service delivery.

All their business lines reported higher contributions to profits. The operations in the Dominican Republic continue to grow with a client portfolio of US$80.71 million and a strong base of retail and institutional clients, including Banks, Savings and Loans Associations, Securities Dealers and Pension Funds. In Trinidad and Tobago, their operations also posted satisfactory results.

Their client base continues to grow and exceeds 190,000. This is a testament to the trust and confidence that the Jamaican people and wider regional clients have placed in the JMMB brand.  During the year, they also deepened their presence in the Dominican Republic with the addition of the Santiago Branch. As JMMB expands throughout the region, they continue to dedicate ourselves to the company’s core values of honesty, integrity, openness and love, and recognizing their prominent role in sustaining their success.

In May 2011, JMMB launched the Joan Duncan School of Entrepreneurship, Ethics and Leadership (JDSEEL) at the University of Technology (UTECH), in memory of its founder Joan Duncan.

The Company continued to diversify its offerings by launching several new products, including the JMMB Car Solution, JMMB Education Solution and JMMB Debt Consolidation Loan.  JMMB Insurance Brokers (JMMB IB) launched the Smart Choice Home Insurance product and continued with its JMMB Motor Smart Pak through partnerships with select insurance companies.

Perhaps the thing that has always made JMMB unique, is their recognition that their clients are the cornerstone of their success and as such they continue to deepen client intimacy initiatives and implement new ones to ensure that they are provided with holistic financial solutions. They recognize that only by maintaining genuine relationships and applying their financial expertise to the solution of financial problems will they reap a win-win solution for all.

During the year JMMB provided continued support to organizations and groups in the areas of social transformation, sports, health, education and cultural events. In Jamaica, they continue to support the Committee for the Upliftment of the Mentally Ill (CUMI), which enhances standards of living for the mentally ill and the homeless.  Their support for the Youth Upliftment Through Employment (Y.U.T.E.) programme continues not only with funding but by providing leadership in specific areas.

Of the future and certainly the coming year, Group CEO Keith Duncan remarked, “For 20 years, JMMB has been setting standards of achievement. Throughout this time, we have been building for the future, a future which in our view has never held a greater measure of promise for those with a stake in our success.” He went on to say that  JMMB Group’s future will encompass growth, broader financial services offerings and professional and exceptional service delivery to the thousands of clients they serve. “We are committed to meeting and embracing the challenges ahead, as our team continues to work together to maximize returns for all our shareholders, stakeholders and investors.”

Keith Duncan joined JMMB as Trading Manager in 1993 and in 2000, became the Deputy Managing Director. In 2005, he was promoted to Group Chief Executive Officer and has responsibility for overall performance and charting the strategic direction of the Group. As a strategic thinker and visionary leader, he has built one of the strongest trading teams in Jamaica. His financial expertise has not only benefited the JMMB Group, but also the Jamaican financial sector. He is a former president of the Jamaica Securities Dealers Association and was involved in the partnership with the Financial Services Commission (FSC) in designing and implementing new structures and models to enhance the effectiveness of Jamaica’s market players.

Known for his commitment to youth development, Keith served as Chairman of the National Youth Service from 2003 to 2009 and worked closely with the respective boards and teams to fulfill the mission of creating and reforming Jamaica’s youth to become purposeful citizens.

In continuing his service to Jamaica’s youth, he joined efforts to design and implement the Youth Upliftment Through Employment programme (Y.U.T.E), a private sector led initiative, and now serves as a board member of the Y.U.T.E. Project. Keith holds a B.A. (Economics) from the University of Western Ontario in Canada and is a Chartered Financial Analyst.

His is a legacy that has been passed down from his mother, who founded the company some twenty years ago, and now after the leadership of his sister, continues to take the company to new heights.BM