Sagicor Group Jamaica Limited (SJ) is making changes to its investment management operations through the restructure of Sagicor Investments Jamaica Limited (SIJL) effective July 31, 2020.
The move follows significant losses for the wider group in the first quarter of 2020.
Revenue for the first quarter ended March 31, 2020, fell by 16.5 per cent from $20.1 billion to $16.8 billion, impacted largely by the spread of the COVID-19 pandemic and the associated decline in global bond and equity values.
The impact materialised as Realized and Unrealized Capital Losses of $5.1 billion for this period versus a gain of $1.5 billion last year.
The group also incurred credit losses of $720.7 million this quarter in comparison to the $57.0 million last year. On the other hand, Revenue from all other sources increased year-over-year.
The company said that, as a result of the restructuring, the position of Executive Vice President and Chief Executive Officer of Sagicor Investments Jamaica Limited (SIJL), previously held by Kevin Donaldson, will no longer be reflected its organisational structure.
A post for General Manager was created with Tara Nunes appointed to it, coming from the role of Vice President, Wealth Management and Client Services.
Nunes will be officer for the company and adopt the new role effective August 3, 2020.
She will have overall day to day management responsibility of the company and report directly to Group President and CEO, Christopher Zacca.
Nunes holds a Bachelor of Science Degree in Economics and Management and has over 20 years of experience in this field.
She has held senior management positions in SIJL and formerly with Pan Caribbean Financial Services (PCFS) before her promotion to Vice President, with SIJL.