CMMB (Barbados) Ltd has continued on its growth path, now with over $152 million under management at the close of its second year of operations.

This marks more than 50 per cent growth. At the end of last year, the investment management and brokerage firm had approximately $100 million under management for local clients.

Ram Ramesh, managing director of parent company Caribbean Money Market Brokers of Trinidad and Tobago had projected that the second year of operations would surpass the strong first year's growth.

Robert Mayers, managing director of the Trinidad and Tobago-based Caribbean Money Market Brokers (CMMB) Securities Ltd, acknowledged the company had faced some challenges in this market as he spoke at the cocktail reception marking the second anniversary of the Barbados operations.

"We've had our challenges. In Barbados we've been faced with interest rates going up, inflation going up, but our model is such that we are able to weather these economic storms and still add value and still make a difference," he said at the Colony Club Hotel in Porters, St James.

Describing this market as still alive and thriving, he added CMMB was looking at opening a third branch on the island soon.

Currently, CMMB has two branches – one in Whitepark, the City, the other in Hastings Centre in Christ Church.

Further afield, Mayers said CMMB had been unable to fulfil its promise to have a branch open in Guyana by this time because of regulatory obstacles that had delayed the licensing process.

However, he added that the regional company had set its sights on establishing a global presence.

Managing director of the Trinidad and Tobago parent company, Ram Ramesh told BARBADOS BUSINESS AUTHORITY that feasibility studies were currently being carried out in two markets – the Middle East and South America.