2 jamaica money market brokers limited annual report ... - Jmmb.com

MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)Our financial results continue to provide the basis for our solid foundation.Shareholders’ equity increased by 115.5% from J$1.86 billion toJ$4.01 billion, thus positioning JMMB as the fourth strongest financialinstitution in Jamaica. The strengthening of our capital base not only providesa source of confidence for our shareholders and our clients but alsoprovides us with the resources to further expand our brand and services.Products and Services Our subsidiary, JMMB Securities Limited,launched the Select Index Fund in February of this year, allowing us tooffer our clients participation in the first mutual fund comprising entirelyJamaican stocks, and the first indexed fund. Since the launch of the Fund,its Net Asset Value (NAV) per share has increased by 53%, indicating thegood returns this product has offered investors.The JMMB team is preparing to empower our clients to realise their goalsby introducing the principles of financial planning to existing and perspectiveclients. Financial Planning Services (FPS), enhanced by the successof the Select Index Fund, is the primary method by which we will helpour clients to achieve their goals.Last year, we prepared for the launch of this service by embarking on aprogramme of internal certification for our frontline teams (team membersfrom the Branches, Sales, Call Centre and Trading Department).Our certification covers financial principles as well as simulation of clientinteractions with the teams. We strongly believe that our clients will reapsignificant benefits based on the robust nature of the certification process,and our commitment to excellence and to being experts in our endeavours.Donna K. Duncan-Scott, cfa, mbaManaging DirectorWith plans for further expansion, we recognize the need to focus onincreasing the efficiency of our operations. We therefore embarked onseveral automation projects to enhance our processes while ensuring continuedand increased accessibility to our clients. All process enhancementswill continue in true JMMB fashion as we strive to ensure that the solutionswe implement allow us to maintain the personal touch and service levelsthat our clients have come to expect from us.To support the achievement of these objectives, we will also be reinforcingthe use of project management practices, and to this end, have alreadyformed a Project Steering Committee to oversee projects and the developmentof a change management strategy in the coming year.JAMAICA MONEY MARKET BROKERS LIMITED ANNUAL REPORT 2004 11