JAMAICANS form private equity firm on Wall St....Commonwealth soon to acquire large stake in local financial services institution...FLUSH with US$30 million in capital to invest, a group of Jamaican bankers and investors has set up shop on Wall Street where they plan to give Caribbean investors close access to the global capital markets.

Wednesday, May 28, 2014    

FLUSH with US$30 million in capital to invest, a group of Jamaican bankers and investors has set up shop on Wall Street where they plan to give Caribbean investors close access to the global capital markets.

Rohan Barnett (second right), general partner and
chairman of Commonwealth Partners, chief financial
 officer, Weldon Maddan (right), and directors, Paul Simpson
 (left), and Wayne Seaton on the floor of the New York
Stock Exchange (NYSE).

Commonwealth Partners, which is led by former Financial Services Commission (FSC) head, Rohan Barnett, has already partnered with an existing broker dealer outfit in New York and a Cayman-based pension fund administrator.

What's more, the US-incorporated private equity firm is on the verge of finalising a deal that will see it recapitalise and partner with a Jamaican-based financial services institution.

"We will utilise our numerous local and overseas relationships to grow our funding base and deliver the financial services model that the market is demanding," Barnett told the Business Observer.

Indeed, the newly formed company's primary focus will be on acquisition of hard assets both in the Caribbean and the US, as well as developing an investment portfolio targeted at highly rated emerging market opportunities.

No doubt the investment house's stance on raising funds is reflected by its inclusion on the board of the 30-year-old rainmaker, Paul Simpson, who led Proven Investments' first US$10-million rights issue after co-leading the largest private placement in the Caribbean, which saw Proven raise US$20 million.

Commonwealth's board and mangement also includes Jamaicans who are verteran bankers in the US, such as Director Wayne Seaton and chief financial officer, Weldon Maddan, who had 12 years experience with Citigroup North America.

The strategic alliance with the Cayman Fund administrator gives Commonwealth a customer base and a platform which spreads into several Caribbean markets, while the soon-to-be-acquired stake in the Jamaican financial services institution gives the Cayman entity a toehold in the fund administration business in Jamaica. more