GK Announces New Joint Venture with TTUTC

• GraceKennedy (GK) has announced that the investment and advisory arm of its GraceKennedy Financial Group (GKFG), GK Capital Management Limited (GK Capital), has signed a joint venture agreement with the Trinidad and Tobago Unit Trust Corporation (TTUTC). The new venture, which remains subject to the requisite regulatory approvals, will allow GK and TTUTC to partner in the distribution of mutual funds in Jamaica. 
• TTUTC is the largest operator and manager of mutual funds in the Caribbean, and currently manages US$3.7Bn for over 625,000 investors. Speaking at the signing of the agreement which took place on May 20, 2022, at GK’s Headquarters in downtown Kingston, GK Group CEO Don Wehby explained that the vision is for GraceKennedy to grow as a global consumer group. This will include leveraging relationships with its international partners. 
• Locally, the unit trust and mutual funds markets are growing.  This partnership will likely benefit investors as it will provide them with more options.  Additionally, the inclusion of GK into the market could possibly fuel efforts to improve the performance of funds governed by other operators which could potentially benefit investors. 
• Furthermore, GK’s management highlighted that though the company is entering a competitive space, it believes that the design of the funds will deliver a unique customer experience and drive client acquisition.

(Source: JSE)