Three mutual funds were launched on the Jamaican market yesterday, following a joint venture between the T&T Unit Trust Corporation and GraceKennedy.
In May last year, UTC and GraceKennedy posted a notice announcing a joint venture company named GK Mutual Funds Ltd that would offer mutual funds in Jamaica.
In a notice yesterday, the UTC said, “We wish to advise that on March 6, the GK Mutual Funds Limited will launch three Mutual Funds in the Jamaican market, two of which will be denominated in Jamaican dollars and the third which will be a US-dollar denominated fund.”
The notice continued, “The UTC, through its subsidiary company the Unit Trust Corporation Financial and Investment Advisory Services Ltd which is licensed as an investment adviser with the Financial Services Commission in Jamaica, will be providing investment Advisory services for these three mutual funds.”
“The GK Mutual Funds is a FSC approved collective investment scheme registered by GK Mutual Funds Ltd. Investors in GK Mutual Funds will be able to maximise the trust they have in GraceKennedy while leveraging the expert fund management by TTUTC, fund managers with over 40 years of expert experience,” the GK Mutual Funds website stated.
The notice also confirmed that all three mutual funds will be subject to the regulatory oversight of the Financial Services Authority of Jamaica. The GK Mutual Funds board of directors is chaired by Steve Whittingham. The directors include Nigel Edwards, Jo-Anne Julien, Chip Sa Gomes, Grace Burnett, and Stacie-Ann Wright.