Sagicor Group Jamaica Limited (SJ) has appointed Sean Newman as Executive Vice President (EVP) & Chief Investment Officer (CIO) for Sagicor Group Jamaica Limited.
He will join the Group effective November 1, 2020. Prior to joining the Sagicor Jamaica team, Newman was with G.E. Asset Management in Stamford, Connecticut in the USA.
His appointment follows the separation from the company of former company head and CEO, Kevin Donaldson, at mid-year and a short stint by new general manager Tara Nunes, who was appointed to that position, coming from the role of vice president, Wealth Management and Client Services in July.
The company said Newman’s appointment is “part of the strategic changes in their investment management operations.”
Sagicor Group Jamaica Limited (SJ) started making changes in its investment management operations through the restructure of Sagicor Investments Jamaica Limited (SIJL), effective July 31, 2020.
The move followed significant losses for the wider group in first quarter 2020 when revenue 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 realised and unrealised capital losses of $5.1 billion for this period versus a gain of $1.5 billion last year.
The company stated on October 22, that Newman will assume direct responsibility for the Group Treasury & Asset Management Division as well as Sagicor Investments Jamaica Limited, and the heads of both divisions will report directly to him.