BSP moves out of stockbroking

By DALE LUMA
THE Bank South Pacific Capital Ltd’s stockbroking business will be taken over by JMP Securities Ltd from the end of the month.
BSP group chief executive officer Robin Fleming was responding to queries whether BSP Capital had sold its stockbroking activities earlier this year.
“BSP has restructured its BSP Capital business over the past 12 months,” Fleming said.
“This included BSP Capital selling its shares in the stock exchange, PNGX, at the end of 2018. This was done in order to be fully compliant with the intent of the Securities Act of 2015 which will prohibit any participant of the stock exchange from being an owner of the stock exchange. It was also determined that BSP Capital should divest itself of its stockbroking business and focus solely on core competencies such as funds management and capital advisory.”
BSP Capital general manager Gheno Minia said JMP Securities Ltd was a subsidiary of Pertusio Capital. “JMP securities is now a recognised market participant in PNG with direct access to financial instruments in PNG and offshore markets,” Minia said.
“JMP has been granted securities dealing, corporate advisory as well as funds management licenses from the Securities Commission.”