Trustee services are provided by one of three units at the JCSD Trustee Services Limited – the Trustee Services Unit, the Retail Repo Unit or the Fund Accounting Services Unit.
The Trustee Services Unit (TSU)
The Trustee Services Unit provides trustee services for corporate clients, collective investment schemes and administrative services for structured products.
Some of the major services offered by the Trustee Services include:
- Administration of funds under trust which involves monitoring the trust to ensure that they are in line with the Jamaican Securities Act and the Company’s Trust Deed. It also includes maintenance of back accounts and making payments on behalf of the funds.
- Administrative agent services – As administrative agent the TSU is a liaison between issuers and investors to collect and share information, make payments and ensure that all parties act in accordance with the terms of the agreement.
- Registrar and paying agent services – This service includes maintenance of the registry of notes and bonds and make interest and principal payments on these instruments.
- Monitoring of invested trust assets – This involves ensuring that properties registered under the trust are paid and up to date. Emoluments are kept current by the TSU. We also facilitate any request from tenants and monitor any lease arrangements.
- Maintenance of accounting records in respect of funds – The TSU prepares financial statements and final accounts for funds as well as calculates Nav.
- Collecting and recording of income on trust assets – This service includes collecting all income due on the trust and ensuring that these funds are credited to the respective bank accounts. We also ensure that the funds collected are used to (1) purchase assets for the fund or (2) fund redemptions.
- Escrow agent services – As an escrow agent the TSU, as the middle man, holds cash or securities for two parties who are generally unknown to each other. The TSU ensures consideration or property passes.
- Custodian facilities for physical securities – hold physical securities in trust for an Issuer.
- Providing monthly reports on trust
- Collateral agent and collecting agent for guaranteed note issuances – This service involves collecting and holding collateral, on behalf of investors, as security for their investments.
The TSU is not limited to the abovementioned services as our powers and responsibilities are based on the terms of our Trust Deed Agreement with the client.
In the last five years we have assisted in several projects, to raise capital to finance projects that have contributed to the economic development of the country.
The Retail Repo Unit
In the retail repo transaction structure, the JCSD Trustee Services Limited, which is the FSC approved trustee, functions as trustee and registrar to hold the securities underlying retail repos in trust for the benefit of retail repo investors. We ensure that these underlying securities are held apart from the Security Dealer’s assets so that in the event of a default or transaction failure, the investors are adequately protected. All details for retail repo contracts pass directly to the JCSD, an agent of the trustee, after which net settlement of cash and securities is processed at the respective custodian.
Fund Accounting Services Unit
The Fund Accounting Services Unit provides all fund accounting services including, the calculation of Net Asset Value (NAV), preparation of final accounts, trial balance, general ledger and audit schedules.
The Units at the JCSD Trustee Services Limited have various customers which include: –
- Corporations both local and international
- Security dealers
- Fund Managers
- Institutional Investors
- Financial Institutions
- Government & Statutory Corporations
- Investing public