GraceKennedy has announced the establishment of a new financial services entity called GK Capital Management.
GK Capital was established in June, after GraceKennedy received a license from the Financial Services Commission (FSC) to start the investment and advisory firm.
“The focus of the company is to make investments on behalf of GraceKennedy,” Stephen Whittingham, Managing Director of GK Capital, explained to RJR’s Financial Report.
These, he said, would be “non core investments…” which are not in “the food or financial services business.” Furthermore, he explained, these would be “much smaller investments.”
According to Mr. Whittingham, GK Capital is different from First Global Financial Services (FGFS) which it sold to Proven Investments in May for $3billion. GraceKennedy had however retained the stock broking license that FGFS once had and will continue to do that business as well as taking equity stakes in companies.
GK Capital was established with $50 million in seed capital, but Mr Whittingham said capital will flow into the company from its parent, GraceKennedy, on a needs basis.