Mitchell promoted by Scotia DBG
Published:Sunday | October 3, 2010 | 12:00 AM
Lissant Mitchell on Friday was promoted to chief operating officer (COO) of Scotia DBG Investments Limited, weeks into the sealing of the deal to sell The Jamaica Pegasus hotel. Mitchell had an upfront role as adviser to agents of the seller.
Mitchell's role will now be expanded to cover asset management and business support under which information technology, administration, and customer service fall.
"The aim is to ensure that SDBG continues to build on its strong leadership position within the Jamaica wealth-management arena," Scotia DBG told Sunday Business.
"With the pending implementation of new and more stringent prudential standards for the local broker-dealer industry, which will see the need for the industry to transform its business model to a truly wealth-management model, with less reliance on net-interest income from on-balance sheet activities, SDBG has continued to build out its business and operational infrastructure accordingly."
As COO, Mitchell will be responsible for driving the transformation, while still being in charge of "the very important revenue areas of treasury and trading, as well as the firm's asset -management division, which covers the pensions and fund- management businesses," said Scotia DBG.
Mitchell formerly held the post of senior vice-president, treasury and capital markets, at Scotia DBG, having joined the company in October 2007 from rival firm, Pan Caribbean Financial Services.
Scotia DBG, which is run by Anya Schnoor, a senior executive in the Scotiabank Jamaica group, is one of the top investment-brokerage houses in Jamaica providing asset management and corporate credit services to individuals and institutional clients.
At the end of its financial year 2009, it had funds under management totalling J$109.4 billion.
Just last year September, Scotia DBG revamped its management team and created the treasury, and trading division over which Mitchell assumed responsibility.
Mitchell's career in investment banking, treasury, and banking spans 16 years, a track record that now includes working through a complicated deal to sell Government's 59.81 per cent stake in Pegasus Hotels of Jamaica, the holding company for The Jamaica Pegasus hotel, which was acquired by Kevin Hendrickson, operator of the Courtleigh Hotel next door.