KINGSTON, Jamaica — In a significant development within the Caribbean financial sector, Cornerstone Financial Holdings Limited has achieved two major strategic milestones. The company announced Tuesday that its subsidiary, Barita Investments Limited, has received full regulatory authorization to acquire JN Fund Managers Limited (JNFM) while simultaneously establishing a comprehensive partnership with Proven Management Limited.
Barita, a publicly-traded investment banking and asset management entity, obtained formal no-objection from regulators to purchase the entire issued share capital of JNFM from Jamaica National Group. This acquisition represents a transformative move that will propel Barita’s assets under management beyond the $500 billion threshold. The transaction is projected to substantially expand the firm’s client portfolio while significantly enhancing its capabilities in pension and institutional asset management services.
Concurrently, Cornerstone revealed it had established a strategic alliance in December with Proven Management Limited, the investment management arm of Proven Group Limited. This partnership creates a powerful synergy by merging Cornerstone’s established financial platform with Proven’s diverse investment portfolio spanning financial services, real estate, and private capital investments throughout the Caribbean and North American markets.
Mark Myers, Director of Cornerstone and Chairman of Barita, emphasized the combined entity now oversees approximately $1 trillion in assets and invested capital across multiple sectors including banking, asset management, real estate, and financial technology. Myers attributed these achievements to the visionary leadership of Founder and Group CEO Paul Simpson, CD, whose disciplined execution and unwavering integrity were described as instrumental in building a platform designed to deliver intergenerational value.
The group detailed its remarkable expansion trajectory since its establishment in 2013, which includes strategic acquisitions of MF&G Trust and Finance—now operating as Cornerstone Trust & Merchant Bank—and obtaining a controlling interest in Barita in 2018. Barita has successfully raised approximately $34.5 billion in permanent capital since 2019, facilitating its strategic pivot into investment banking and wealth management services.
Cornerstone’s diversified portfolio currently encompasses five core business divisions: investment banking, alternative investments, wealth and asset management, banking services, financial technology, and real estate development. The group reported robust financial health with total shareholders’ equity reaching approximately $548 million as of September 2025.
Myers expressed gratitude to various stakeholders including the Government of Jamaica, founding shareholders, funding partners, and the boards of both JN Financial Group and Proven. He additionally acknowledged the dedication of management and staff across the organization, as well as clients whose continued trust has been fundamental to the group’s success. Myers further indicated that an additional strategic partnership aimed at further diversification is anticipated to be announced in the near future.