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FHC Investments Limited Acquires Stockbrokerage Licence

 

                                                                                                           

Kingston, Jamaica:  – FHC Investments Limited (FHCIL), has obtained a stockbrokerage licence from the Jamaica Stock Exchange (JSE). The company, a subsidiary of First Heritage Co-operative Credit Union Limited (FHCCU), is the first individual credit union affiliated company to accomplish this feat.

FHCIL was granted a Member-dealer Licence to commence operations in March 2022 and commenced trading on Monday, March 28. The company now offers stockbrokerage services which allows members, as well as new and existing clients to purchase and sell securities listed on the bond market, US$ Denominated Market and the Private Markets of the Jamaica Stock Exchange. With this new service offering, our clients will be better able to diversify their portfolios through access to a wider range of investment assets. FHCIL is better positioned to support our clients on their financial journey and to attract new clients seeking to build their wealth.

The new service complements the existing suite of financial services currently offered by FHCIL and its parent company, FHC Credit Union. Members across the eleven First Heritage Co-operative Credit Union branches island wide will stand to benefit from the additional offering.

FHC Investments Limited’s General Manager Karlene Mullings shared that for FHCCU members the ability to trade assets via the JSE was long awaited. “We are a credit union movement and our strategic goals have been focused on enriching the service experience for our members. We have seen over the years where members' financial needs have evolved. In addition to establishing secure savings accounts or obtaining a loan, our members have become even more sophisticated and are also demanding investment products and it was with this in mind that FHC Investments Limited was started,” Mullings added.

FHCIL celebrated the first day of stock trading in an intimate gathering with staff and specially invited long standing members on March 28. At the end of the first day a number of trades were completed, indicative of the positive outlook of FHCIL’s clients on this new service.

Excited to have the opportunity to share in the occasion was client of FHC Investments Limited and 34-year credit union member, Lieutenant Colonel (Rtd) Stacey Thompson. “The credit union has grown tremendously over the years, and it is really fitting for them to provide investment opportunities and a range of options for members to manage their money,” Thompson remarked.

Credit Unions remain an important facility for Jamaicans to accomplish life goals.

 

 

The JSE Managing Director, Dr. Marlene Street Forrest in welcoming FHC Investments Ltd. said “It is definitely a pleasure to have FHC Investments as the JSE’s newest member-dealer.  We have noted the enthusiasm and effectiveness of the team during the application and onboarding process and commend them. We anticipate that this high level of professionalism which was evident will redound to their success as a member-dealer on the Exchange. Through their plans, we expect that the market will be well served as they seek to provide their customers with additional investment opportunities.”

 

FHCCU Chief Executive Officer, Roxann Linton shared the motive behind expanding the business to include stockbrokerage. “The strategic intent was for us to be able to serve our members throughout their financial lifecycle. A member typically starts out with transactional accounts, but they also want investment products. So, what we are seeing happening here now is just that build out of a more expansive and comprehensive suite of products so that our members will be able to benefit,” Linton explained.

About Us

A LEGACY OF TRANSFORMATION

On August 1, 2012, Churches Co-operative Credit Union and GSB Co-operative Credit Union merged to form the new entity First Heritage Co-operative Credit Union Limited (FHC). This decision culminated the process of discussions that began in October 2010 when the idea of the amalgamation of the two Credit Unions was born.

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