Keith Duncan, chief executive officer, Jamaica Money Market Brokers Limited. - Contributed

DESPITE THE upheavals and uncertainty of the current economic recession, Jamaicans continue to live up to the reputation of being a resilient people. You need only look at the results of the most recent survey of consumer confidence to see that people are simply refusing to give up.

It's that spirit of optimism and resilience that Jamaica Money Market Brokers (JMMB) Group Chief Executive Officer, Keith Duncan, says is at the core of the entity's success. "Our resilience comes from our positive thinking. At JMMB, we also have vision. We have the ability to see down the road and see where we want to go. We are wide open to the possibilities," he says. Duncan recalls that it was that vision that gave birth to a dream that took one family and a nation on a journey that has lasted 17 years, and is far from over.

Money market

The year was 1992 and JMMB was opening its doors a mere three weeks after the late Joan Duncan and Dr Noel Lyons had held a conversation and agreed that Jamaica was ready for the money market. The vision was to provide great investment opportunities for Jamaicans from all walks of life, taking wealth creation beyond the hallowed realm of the elite. Keith Duncan says there was always a market for fixed-income securities in Jamaica, but it was the domain of the traditional financial sector and big business. He recounts: "Joan Duncan believed that the money market was the way to give the average Jamaican the benefit of higher returns. What we did was bring the money market to the average investor, both retail and corporate, so they could earn something substantial on their money."

The company received a tremendous response from the public and began on the path to growth. But within a few years of operation, the financial sector went through a most turbulent period. Banks were closing and there was almost no confidence in a sector that some argued had been liberalised prematurely. Still JMMB thrived, and Duncan believes it was due primarily to their decision to focus on the possibilities. "When we saw the meltdown coming, we decided to place more emphasis on Government paper and the repurchase agreement market, rather than commercial paper which was considered more risky at the time," Duncan explains. The JMMB CEO admits that they took some hits, but were mainly able to stay clear of the worst effects of the meltdown.

Third largest institution

Fast forward to 2009 and JMMB is now the third largest financial institution in Jamaica, with an asset base of more than J$110 billion. JMMB is also now one in a group of companies that operates through entities in Jamaica and two other countries in the region. Apart from the asset management business at the core of JMMB, Duncan and his team run JMMB Securities Limited and JMMB Insurance Brokers Limited. Then there is the group's expansion into the Caribbean, which began in 1999 and now includes Caribbean Money Market Brokers in Trinidad and JMMB BDI America in the Dominican Republic. Duncan says the group is also now in the process of acquiring a savings and loans bank in the Dominican Republic; and looking to get back into the securities market in Trinidad.

The JMMB CEO says despite the fact that markets are down, the group is still in expansion mode. "For us, the glass is always half full. And if you look you will find opportunities. If you focus on the negatives then there isn't anywhere for you to go," he contends, adding that when the current crisis began the management implemented a strategy to capitalise on the opportunities that arose. According to Duncan, they decided to put emphasis on certain business lines, and de-emphasised others.

In addition to a positive mindset and careful planning, Duncan believes the group will continue to thrive because of the organisation's 'vision of love' culture that permeates through to its clients.