2 weeks ago
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Barita Investments Limited can proceed in fully acquiring JN Fund Managers Limited (JNFM), a wholly owned subsidiary of Jamaica National Group, according to a release on the matter.
“The transaction is expected to increase Barita’s assets under management (AUM) to over $500 billion,” indicated a release from Cornerstone about AUM, which are funds invested on behalf of its clients.
The Bank of Jamaica (BOJ) issued a non-objection which gives Barita the ability to proceed, provided other legal and regulatory obligations are met. It marks a pivotal step for Barita, which is backed by parent Cornerstone Financial Holdings Limited.
The acquisition will see Barita absorb JNFM’s client base and migrate its operations onto Barita’s existing investment and asset management platform. Executives say the deal is designed to broaden product diversity and deepen penetration into institutional and pension fund markets, positioning Barita as Jamaica’s dominant player in asset management.
Barita already managed $460 billion in client assets.
Full-year results to September 2025 show Barita with revenue of J$8.5 billion and profit of $3.0 billion, compared to year-earlier levels of $10 billion and $3.8 billion in profit. Total assets stood at $150 billion.
JNFM offers wealth management services, including Government of Jamaica and corporate bonds, Bank of Jamaica certificates of deposit, equities, as well as pension funds and corporate treasuries services.
The deal comes as Cornerstone strengthens its regional footprint through a December 2025 alliance with Proven Management Limited, investment manager for Proven Group Limited. Together, Cornerstone and Proven oversee about $1 trillion in assets under management and invested capital, while maintaining operational independence.
Myers also highlighted shareholder returns since Cornerstone’s 2018 takeover of Barita, noting investors have realized a 48 per cent annual rate of return, equivalent to 10.8 times their original investment, despite market shocks.
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