Prominent brokerage and investment firm, Barita Investments, has taken steps to assure its customers that the safety and security of their funds are top priority.
Barita gave what it noted is the “unreserved assurance” in a letter sent on Sunday to its clients.
The letter from Barita was sent as there’s unease in sections of the financial sector due to a US multi-billion dollar fraud scandal which has engulfed Stocks and Securities Limited, SSL.
Barita says the news has understandably raised concerns among the public regarding the safety and security of their investments.
Barita wrote that it prides itself on a strong financial foundation established over the course of 45 years.
The entity says this foundation is further strengthened since the acquisition by Cornerstone of Barita, as reflected in its formidable prudential ratios, including its capital adequacy ratio which is significantly above regulatory requirements and well above the industry average.
Barita says this positions the company to be a safe haven for its clients as it has the capacity to fully absorb several shocks, whether emanating from risk factors associated with financial markets or business operations.
Barita noted that with shareholders’ equity of over 32 billion Jamaica dollars as at September 30, 2022, it has by far the largest capital base in the securities dealing industry.
The entity revealed that this makes it the third largest financial institution among commercial banks and securities dealers in the country by shareholders’ equity, a step that was deliberately taken over the past four years by Cornerstone.
According to Barita, this statistic which is the subject of publicly disclosed audited financial results, is the single most critical, objective demonstration of their significant financial strength.
Barita concluded its letter by stating that its board and management team are committed to maintaining clients’ security, trust and confidence.
The letter from Barita was sent under the name of Board Chairman, Mark Myers, Chairman of Barita’s Audit Committee Carl Domville and Interim Chief Executive Officer, Dane Brodber.