VMIL continues to invest in their transformation initiatives

Chairman Mr. Michael McMorris, of Victoria Mutual Investments Limited, commended the company on a tremendous performance in its second year of operations as a listed entity. The company through this pivotal year, recorded significant wins and milestones. Proudly, VMIL achieved meaningful wins and milestones in 2019 compared to 2018 such as:

  • $171.74 million increase in profit after tax.
  • Increased involvement in corporate social activities.
  • Real Estates Portfolio being the top performer in its asset class for the second consecutive year.
  • Share price increased 176% from December 2017 to December 2019.
  • $76.24 million increase in dividends paid.
  • Returns of up to 30.79% on VM Wealth Unit Trust Classic Equity Portfolio.
  • Acquiring Carilend, a Barbados peer-to-peer lending platform, our first fintech investment
  • Executing our first underwriting transaction in our Capital Markets unit for a transaction size of $2 Billion
  • Launching our International Equity Trading Platform, which allows our clients to participate in the stock market of developed economies

Additionally, Mr. McMorris highlighted VMIL’s ‘Effective Execution of Strategy’ in which the company purposefully execute elements of their strategy in key areas by:

  • Pursuing meaningful acquisitions: To this end, the Company acquired 30% interest in Barbados-based micro-lending fintech Carilend as well as partnered with Interactive Brokers LLC with launch of International Equity Trading Platform.
  • Enhancing their speed, accuracy & consumer convenience through digital alternatives
  • Creating and retaining an effective and motivated Team
  • Empowering clients through financial education
  • Continuing their focus on Corporate Governance

Mr.  Rez Burchenson, CEO of VMIL, highlighted the company’s vision for the next 8 to 10 years:

  • Number one fund manger
  • Number one provider of cutting-edge solutions
  • Number one provider of financial education
  • Number one in customer service
  • Overseas expansion (Caribbean, Central Latin America)
  • The place to work for high performers
  • JSE stock of the decade (Best Corporate Governance and Customer Service)

Furthermore, Mr. Burchenson noted that they are still on board with the 2018 5-year Strategic plan which was approved by the Board of Directors in efforts to continue growing the business, which includes:

  • Significant Growth in Net Income
  • Aggressive growth in Assets
  • Transformation of our client experience
  • Continued strengthening of our Team Member Engagement

In concluding, Mr. Burchenson stated that with the COVID-19 pandemic, the company had to revisit their strategic priorities and focus their attention on key areas of the business and continue to invest in their transformation initiatives. Thus, looking ahead, the following key initiatives were provided:

  • Grow assets under management
    • Introduce new products and services
    • Roll out new sales model
  • Continue to produce high quality research to drive real time decision making
  • Launch our first agile lab, focused on delivering solutions in our business
  • Continue to improve Client Experience
  • Continue to grow Capital Market Business through:
    • Expanding reach outside of Jamaica
    • Structuring unique products


Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.