分类： business

Against a backdrop of strong profit growth across Jamaica’s securities brokerage sector, three top local investment firms have moved to raise equity trading commissions and adjust a range of service fees, passing higher operational and regulatory costs to retail and institutional investors.

The most recent adjustment comes from Barita Investments Limited (BIL), which notified clients of a new fee structure taking effect on June 1. The change covers not just equity trading commissions, but also cheque processing fees, outgoing real-time gross settlement (RTGS) transfer charges, and credit facility fees. Under the new rules, a flat 2% commission will apply to all local equity trades, with a minimum $550 charge for any transaction below $27,500. For trades exceeding $1 million, commission rates can be negotiated between 1% and 2%, a departure from BIL’s previous structure that charged just 0.75% for all transactions executed through JtraderPro, the Jamaica Stock Exchange’s (JSE) digital electronic trading portal.

In a client notification email, BIL explained the fee updates are designed to ensure its services align with current industry benchmarks, support its expanding suite of financial solutions, and accurately reflect the value the firm delivers to clients.

Months earlier, Jamaica Money Market Brokers Limited, operating as JMMB Investments, rolled out its own broad fee adjustments on April 17. While the firm cut the GOJ/BOJ bid placement fee from 0.146% to 0.10% (keeping the $5,175 minimum fee intact), it raised charges for RTGS transfers, cheque services, and return/recall transfers. For equity traders using JMMB’s digital Moneyline platform, the published commission rate rose from 0.50% to 0.70%, translating to an actual effective rate increase from 0.435% to 0.609%. Clients requiring assisted trades outside the digital platform saw their commission jump from 1.50% to 2.00%.

JMMB Securities Limited (JMMBSL), the group’s brokerage arm, earned second runner-up honors from the JSE Best Practice Committee in December 2025 for its 2024 revenue and market activity. JMMB Group’s 2025 annual report ranks JMMBSL first in total number of trades, second in trading volume, and sixth in trading value for 2024. The fee hike comes as the JSE’s Main Market and Junior Market posted $60.58 billion and $6.36 billion in total traded value respectively for 2025, creating an opportunity for brokers to boost top-line revenue through higher commission rates.

JMMB noted in its client communication that regular fee reviews are standard industry practice, conducted to balance the firm’s operational needs with client requirements. The latest adjustments, it said, align with the firm’s guiding principle of fair fee application, its core values, and its commitment to acting in clients’ best interests.

The third major adjustment came from VM Wealth Management Limited, which implemented changes effective March 1, mirroring Barita’s move to eliminate discounted digital trading rates. Previously, VM Wealth charged 0.75% for trades executed on JtraderPro, and 1.5% to 2.00% for in-branch assisted trades. Under the new structure, all equity transactions carry a 2.50% trading fee, with an additional $1,500 charge for transaction requests submitted outside VM Wealth’s digital client portal.

VM Wealth told clients the fee adjustments will allow the firm to continue investing in upgraded digital infrastructure, expanded service channels, and specialized client support teams. The firm emphasized its commitment to delivering efficient, secure, high-quality services to help clients meet their long-term financial goals.

For years, Jamaican brokers have offered discounted commission rates for digital self-service trades, which require less hands-on staff interaction than assisted transactions. This strategy was designed to incentivize more frequent online trading, ultimately driving higher total revenue through increased transaction volume. Today’s fee adjustments mark a clear strategic shift, driven in large part by brokers’ need to prepare for the upcoming “twin peaks” regulatory framework and other upcoming regulatory changes impacting parent financial groups.

The adjustments come at a time of robust overall performance for Jamaica’s securities sector. Unaudited data from the Financial Services Commission (FSC) shows total sector revenue grew 17% year-over-year to $87.77 billion for the 2025 calendar year ending December. The FSC attributes this revenue growth to expanded non-interest income, primarily driven by strong profits from debt securities trading. Total sector expenses fell 5% to $72.51 billion, pushing combined pre-tax profit (PBT) for the 19 reporting primary securities dealers to $15.26 billion.

The FSC noted that the double-digit jump in pre-tax profit stems from concurrent growth in operating revenue and a decline in operating costs. For comparison, the 2024 pre-tax profit figure was restated from an original $0.87 billion gain to a $1.54 billion pre-tax loss, though no explanation has been provided for the revision.

Despite the strong profit performance, the sector saw a 1% contraction in total assets to $973.43 billion, though total equity and capital improved 2% to $147.96 billion. The aggregate capital adequacy ratio for the 19 reporting firms rose from 20.41% to 22.49% — double the 10% statutory minimum required by regulators.

Total broker funds under management (FUM) grew 10% year-over-year to a record $1.83 trillion, with collective investment schemes (including unit trusts and mutual funds) rising 9% to $416.47 billion from $383.11 billion in 2024. While FUM is at an all-time high, year-over-year growth has slowed in recent years: FUM stood at $1.72 trillion in December 2022 and $1.59 trillion in December 2021, meaning growth has moderated even as total values hit new records. Equity holdings within managed funds are also growing at a slower pace than in previous periods.

The overall picture shows that even as Jamaica’s banking and securities sectors deliver rising earnings, consumers and investors are facing higher fees for a growing range of services — even as those services continue to shift to lower-cost digital delivery models.

On April 27, more than 40 corporate directors, alongside close friends and long-time colleagues, convened at the Jamaica National Group (JN Group) headquarters to celebrate and pay tribute to the life and legacy of Dr. Dhiru Tanna, the organization’s late deputy chairman. Dr. Tanna passed away on April 14 at the age of 82, leaving behind a decades-long legacy of leadership that spanned business, public service and academia. The memorial gathering drew a roster of prominent figures from across Jamaica’s private and public sectors, including former Jamaica Olympic Association president Michael Fennell, attorney-at-law Monica Ladd, Blue Power Group chairman Jeffrey Hall, JN Group director and Office of the Prime Minister Permanent Secretary Ambassador Rocky Meade, former Cabinet Secretary Dr. Carlton Davis, Wisynco Group chairman William Mahfood, and retired KPMG managing partner Tarun Handa.

In the solemn, intimate gathering, attendees reflected on the profound, far-reaching impact Dr. Tanna had on both the JN Group and the wider Jamaican community. Consistent themes emerged from every tribute: widespread admiration for Dr. Tanna’s sharp intellectual depth, unflappable judgment, and rare humility that shaped organizational decisions and nurtured generations of leaders over his decades of service. Tributes painted a portrait of a leader who mastered strategic planning, corporate governance, and people management, and who remained deeply committed to the core mission and inclusive culture of the JN Group. To those who served alongside him, Dr. Tanna was far more than an executive: he was a trusted mentor, a confidant, and a dedicated Jamaican patriot whose quiet wisdom carried unmatched weight in every discussion.

Elizabeth Ann Jones, current chairman of the JN Group, recalled her first introduction to Dr. Tanna in Jamaica’s private sector, where she immediately recognized his extraordinary breadth of knowledge and sharp business acumen. Later, when the two served together on the board of the Jamaica National Building Society, Jones came to rely on Dr. Tanna as the consistent voice of reason amid tense board deliberations. “He was a steady presence who shared his knowledge, expertise and foresight during countless board discussions,” Jones noted.

Earl Jarrett, JN Group chief executive officer, who collaborated with Dr. Tanna for more than 30 years, shared how he repeatedly benefited from Dr. Tanna’s thoughtful guidance over the decades. Jarrett described Dr. Tanna as a true polymath whose leadership extended across multiple Jamaican industries, noting that his unique abilities and forward-thinking vision helped numerous organizations navigate periods of transition and expansion. Colleagues across sectors regularly turned to Dr. Tanna for his broad range of knowledge and balanced perspective, Jarrett added.

Longtime JN Group board member Peter Morris shared that he admired Dr. Tanna’s intellect and business sense from their very first meeting. Morris recalled that Dr. Tanna carried himself with quiet authority, balancing a deep commitment to delivering meaningful value and exceptional customer experiences for JN members with a relentless insistence on the operational discipline required to run an efficient, sustainable and profitable business. To Morris, Dr. Tanna was an elder statesman of the board and an invaluable mentor to many rising leaders, including himself.

Parris Lyew-Ayee, chairman of the JN Foundation, highlighted another core trait that set Dr. Tanna apart: his deep respect for all people and their differing beliefs. A practicing Hindu, Dr. Tanna consistently encouraged fellow leaders to ground their own decisions in their personal values, rather than imposing his beliefs on others. Lyew-Ayee noted that Dr. Tanna’s sharp intellect, meticulous attention to detail, and calm confidence set him apart from the earliest days of his career. “He always seemed to be several steps ahead, quietly analysing, guiding and shaping outcomes with wisdom and clarity,” Lyew-Ayee said.

Michael Fennell echoed these sentiments, describing Dr. Tanna as a man of quiet brilliance whose full depth was often only visible to those who had the privilege of working closely with him. Fennell emphasized that Dr. Tanna was an exceptional individual who carried his many accomplishments with profound humility, never seeking attention or praise, but leaving a lasting impact through his actions and his mentorship of young professionals. “[A] fantastic individual in every way, so unassuming, not pretentious in any way,” Fennell said. He added that Dr. Tanna’s greatest strength lay not just in what he knew, but in how carefully and thoughtfully he shared his knowledge with others.

Former Cabinet Secretary Dr. Carlton Davis framed Dr. Tanna as an exceptional Jamaican whose intellect, humility, and wide-ranging contributions left an indelible mark on the entire nation. Davis noted that Dr. Tanna could not be confined to any single professional role: he excelled equally as an academic, a leading business executive, and a dedicated public servant. “He was a remarkable gift to Jamaica,” Dr. Davis said, adding that the country benefited immeasurably from Dr. Tanna’s choice to make Jamaica his permanent home.

Keith Senior, assistant general manager at the JN Group, captured the deep personal and professional influence Dr. Tanna had on staff across all levels of the organization, saying he left “fingerprints on our souls.” Senior reflected on the widespread respect and admiration Dr. Tanna inspired across the company, noting that memories of him have become treasured keepsakes for colleagues. “There are people who simply pass through life, and then there are those who leave an indelible mark. Dhiru was one of those,” Senior said, portraying him as a towering figure whose influence stretched far beyond the walls of the boardroom.

Dr. Laura Tanna, Dr. Tanna’s widow, offered a heartfelt note of gratitude to attendees for the outpouring of tributes to her late husband. She shared that hearing stories of his mentorship, friendship, and professional impact brought her renewed comfort during her time of grief, adding that the remarks from attendees revealed new dimensions of her husband’s life that she had not always witnessed firsthand. “Hearing how he has mentored people, hearing the stories of your friendship, it means a great deal to me,” she said.

Ahead of this year’s Mother’s Day, which falls on Sunday, May 10, Tuesday Style Fashion (TSF) is shining its weekly retail spotlight on Loeri Robinson, a Jamaican mumtrepreneur building a mission-driven wellness brand rooted in organic principles.

Robinson’s connection to wellness and self-care dates back to her teenage years, when she first developed a passion for spa experiences and healthy living that would shape her long-term career path. Early on, she built a professional foundation in the insurance and investment industry, drawn by a core personal mission: empowering people to make choices that improve both their own quality of life and the well-being of their loved ones.

But as Robinson worked as a financial advisor helping clients strengthen their financial security, she began to notice a critical pattern across the many clients she served. A large number of her clients struggled with chronic health conditions, and her close work with them gave her a unique front-row seat to observe how people approach medical treatment and long-term health management.

What struck her most was the outsize role that intentional nutrition and consistent, holistic self-care play in both preventing and managing illness. This observation sparked a complete career pivot, leading her to first launch her own spa business. To deepen her expertise and source high-quality products aligned with her values, Robinson traveled to international wellness expos, where she attended specialized workshops and conducted deep dives into organic wellness offerings. She prioritized finding products that were not only safe and beneficial for consumers but also practical and enjoyable to use.

That journey of exploration and entrepreneurship ultimately led to the launch of Unwind Distributors, her organic wellness distribution company. What began as a side passion project has grown into a thriving enterprise, and today Robinson leads a business she is proud to stand behind—one focused on uplifting and nurturing health and wellness across Jamaica.

Against a backdrop of rising geopolitical instability and interconnected global markets, India’s Foreign Affairs Minister Dr. Subrahmanyam Jaishankar has delivered a clear call to action for Jamaican business leaders: expand into new markets and build diversified supply chains, as shifting political landscapes continue to upend long-standing global trade patterns.

Jaishankar shared his insights during a Monday ministerial luncheon hosted by Jamaica’s Ministry of Industry, Investment and Commerce at Kingston’s AC Hotel, where he framed modern commerce as inherently tied to global political dynamics. He emphasized that businesses can no longer afford to operate ignoring cross-border spillover effects from global crises, pointing to three major recent disruptions that have reshaped international trade: the COVID-19 pandemic, the ongoing Russia-Ukraine conflict, and escalating tensions in the Middle East.

“In our deeply globalized world, any crisis or conflict anywhere carries global consequences,” Jaishankar explained. “Thousands of miles can separate us from a conflict zone, but events there still shape energy prices, drive global inflation, impact national fiscal deficits, and even threaten political stability in smaller nations, as we saw after the invasion of Ukraine.”

The minister noted that years of repeated trade disruptions have laid bare the critical risks of overreliance on a narrow set of traditional supply routes and trading partners, a risk amplified by growing global trends toward economic nationalism and domestic protectionism.

“The COVID-19 pandemic proved that supply chain reliability cannot be taken for granted,” he said. “Years of volatile tariff policy have also shown that market access is not guaranteed. At the same time, rapid technological advancement has opened new pathways for business growth and new global partnerships. Just as we see the global political order shifting, a parallel transformation is underway in global commerce. Every nation is now actively seeking new, alternative trading partners.”

Against this shifting landscape, Jaishankar encouraged Jamaican and Caribbean businesses to broaden their strategic outlook and carve out new positions in a rapidly evolving global economy, where nations across the world are prioritizing the development of alternative, more resilient trade networks.

“In today’s uncertain world, the key question is how we build more strategic options, how we expand our partnerships, how we diversify our connections,” he said. “This is the same advice I give to Indian businesses: go out, explore new markets, leverage regional hubs, pursue nearshoring opportunities. You cannot afford to limit your operations to your home market in this new climate.”

To illustrate his point, Jaishankar shared India’s own recent experience adapting to supply chain disruption. When conflict in the Gulf region threatened critical liquefied petroleum gas (LPG) supplies— a primary cooking fuel for hundreds of millions of Indian households— via the Strait of Hormuz, New Delhi was forced to rapidly secure alternative suppliers. That scramble ultimately opened new, durable trade opportunities with partners across Latin America and the Caribbean, Jaishankar said.

“Ten years ago, we would never have considered this region as a major LPG supplier, and the economic logistics would have been far too prohibitive anyway,” he noted.

He also highlighted the fast-growing commercial ties between India and the broader Latin American and Caribbean region, where annual bilateral trade now nears $50 billion and continues to climb year over year.

Jaishankar added that major advancements in global logistics, infrastructure development, and digital technology have dramatically eroded the barriers that geography once created for small and mid-sized economies. This shift opens unprecedented new opportunities for nations like Jamaica to deepen bilateral trade and investment links with major global economies like India, he said.

He pointed to India’s own massive recent infrastructure expansion— including new interstate highways, expanded airports, and upgraded national rail networks— alongside its booming digital economy as proof of the country’s growing competitiveness and capacity to expand global commercial partnerships.

As India continues to establish itself as a leading global economic power, Jaishankar confirmed that the country is eager to strengthen trade and investment ties with Jamaica and the wider Caribbean. Both regions stand to benefit from searching out new opportunities to offset global uncertainty, he said.

“I know Jamaica has a great deal to offer, from its strategic geographic location to its growing domestic demand, to its ongoing post-pandemic recovery and national modernization agenda,” Jaishankar told gathered business leaders. “I am confident that across a wide range of sectors, we will see Indian companies, Indian expertise, and Indian innovation expand their presence here far more than ever before. I urge you to explore the mutual opportunities this new partnership can deliver.”