Gary Peart
MAYBERRY INVESTMENTS Limited has signed an agreement with CI Investments to distribute the latter's Corporate Class of mutual funds, the chief executive officer of Mayberry, Gary Peart, recently announced.
The agreement was signed by Peart and vice-chairman of Mayberry, Konrad Berry. Signing for CI Investments were executive vice-president and chief operating officer, David C. Pauli and president and chief executive officer, Peter W. Anderson.
TWO MILLION CUSTOMERS
With some two million customers, CI Investments is the second largest publicly traded fund management company in Canada with total funds under management of over Cdn $54 billion.
Mr. Peart said a group of 38 of CI Investments' funds will be made available to Mayberry's customers. The 38 funds are differentiated by investing style, sectors and region. These also include a few funds investing in both fixed income instruments and equities.
For non-Canadians, capital appreciation on the fund is not taxed but distributions such as dividends and interest are subject to a withholding tax of 15 per cent.
"We want people to be able to expand their investment universe," Mr. Peart said. "This offers our customers the ability to invest outside Jamaica."
CI is a wholly owned subsidiary of CI Financial Incorporated, a publicly traded company listed on the Toronto Stock Exchange. The company began managing money in the mid-1960s, growing dramatically with a number of acquisitions and now markets its products through a network of more than 40,000 financial advisors.
FULL SERVICE FIRM
Established in 1985 and listed on the Jamaica Stock Exchange, Mayberry is a full-service financial advisory firm, a primary dealer in Government securities and a cambio operator .
Mayberry started as a brokerage house for equities and is a major player in that market, but it has since become a significant player in the fixed income market. The company is attempting to find capital efficient means of expanding given the Financial Services Commission requirements for companies in the sector.
Mayberry has targeted the marketing and management of mutual funds as an area of potential growth.
"We are looking at continuing to diversify our revenues," Mr. Peart said. "We earn a commission on the sales at no risk to the company."
