Philip Armstrong, new deputy CEO. - File

Philip Armstrong has stepped up in the ranks at Pan Caribbean Financial Services (PCFS), but he immediately down-played the promotion, saying his new position as deputy chief executive officer (CEO) is just the conferral of the title on responsibilities he has carried for some time.

But his September 1 appointment does cement him as the number-two man at the New Kingston-based brokerage, and chief lieutenant to CEO Donovan Perkins.

Overseeing

Armstrong was senior vice-president of capital market operations at the time of his promotion, overseeing fixed-income trading, asset management and operations of the primary dealer and stock-brokerage units at PCFS.

"I still got involved in other aspects of the organisation, so my appointment formalises it and, in Donovan's absence, I am in charge," Armstrong told The Financial Gleaner.

He said he would still oversee capital market operations, and remains a director of Pan Caribbean Bank, the brokerage's new commercial bank launched two months ago and run by Henry Pratt.

Fresh capital

It was Armstrong who marshalled the in-house project to raise fresh capital for PCFS at the time the brokerage was transforming its merchant banking operation.

The $200-per share preference offer raised $1.26 billion. The issue missed its original target of $2 billion, but Pan Caribbean later said the take-up was in line with revised targets that parent Sagicor had requested.

Experience

Armstrong is schooled in engineering, specifically avionics or aircraft electronics, but he also holds a master's degree in international business from Pepperdine University and has 17 years of experience in securities and derivatives, some on Wall Street in New York. He joined Pan Caribbean in 2004.

Armstrong is also a board director of British Caribbean Insurance Company.

susan.gordon@gleanerjm.com