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Maritime invests in Jamaica-owned company
Maritime Life (Caribbean) Ltd has become the latest local company to make an investment in a Jamaican-owned company. Maritime announced on Tuesday that it had made “the investment of a significant but minority position in AIC Finance Ltd,” subject to the necessary regulatory approvals.
AIC Securities is a subsidiary of AIC Finance Ltd, a company ultimately owned by Michael Lee Chin, the Jamaica-born billionaire. AIC Securities provides primarily wealth management services, which include stock brokerage, portfolio management, and investment advisory services to persons and corporations in Trinidad.
In a statement, Maritime said: “Wealth management and investment advisory services are services that Maritime Life (Caribbean) Ltd currently does not provide to its 30,000 active clients and given the current market conditions, Maritime Life sees this as an opportune time to enter this market. The investment in AIC Securities is part of Maritime Life’s strategy to provide all of the financial and economic products that meet the needs of our clients throughout their journey in life. “Further, with the latest acquisition by Manulife Mutual Funds of Michael Lee Chin’s Canadian retail investment fund business, Maritime Life will now be able to provide its clients with access to the Manulife Mutual Funds. Manulife Mutual Funds is part of one of the largest global life insurers in the world, Manulife Financial, which manages over US$475 billion.”
Maritime said that apart from the core business of wealth management, it sees its investment as a “great opportunity to once again develop a relationship with Manulife, which would have been Maritime Life’s parent company if the group had not localised.” Manulife has become a leader in innovation for the life insurance and wealth management products and given the current local economic landscape characterised by high liquidity in the banking system it would suggest the need for alternative savings and investment products that are backed by a company such as Manulife. Maritime Life (Caribbean) Ltd, provides life, general, finance, and retail services to a Trinidad client base of 30,000 active clients with more than $1.6 billion in assets under management. Maritime Life will be celebrating its 50th anniversary of providing financial services to Trinidad citizens this year on April 1, 2011.
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