Wednesday 12 August, 2020

Zachary Harding and Hugh Croskery form new private equity firm

Zachary Harding, who will serve as Executive Chairman of DeltaCap, while maintaining his role as Group CEO of SSL, said the move marks a paradigm shift for SSL.

Zachary Harding, who will serve as Executive Chairman of DeltaCap, while maintaining his role as Group CEO of SSL, said the move marks a paradigm shift for SSL.

Group CEO of Stocks and Securities Limited (SSL) Zachary Harding, and SSL Founder Hugh Croskery have partnered as equal owners of a new private equity entity, Delta Capital Partners Limited (DeltaCap).

The SSL Group’s Board of Directors has thrown full support and approval behind the new company, which is a legally separate entity that runs parallel to SSL’s ongoing brokerage and private wealth management business, SSL said in a press release.

 “The time has come to allow fresh blood to move the group forward. We’ve been going through a transition over the last two years, but with Zachary's guidance we are now on the positive side of that transformation. With this changed management approach and strategic framework, new business is already flowing in,” the senior Croskery said.

Harding, who will serve as Executive Chairman of DeltaCap, while maintaining his role as Group CEO of SSL, said the move marks a paradigm shift for SSL.

“We have been very transparent about our restructuring efforts over the last nine months. The fact is that the old model of being only a traditional stockbroker/dealer firm needs updating. The time has come to evolve, and DeltaCap is a new vehicle for bespoke private equity offerings”, he said.

Harding, who took the helm of the SSL Group in October of 2019, reiterated his commitment to good governance.

“With new leadership comes new perspective and I stand on my personal commitment to keep integrity and performance at our core. We’ve therefore been very deliberate in selecting the highest-calibre professionals for the DeltaCap leadership team.”

Most notably Harding has brought in Ivan Carter, formerly CFO and CIO at the Sagicor Jamaica Group, as CEO of the newly formed company.

Prior to Sagicor Jamaica, Carter held various leadership positions at the Sagicor Group, Barbados. The new DeltaCap CEO is a well-respected financier with over 17 years of strategic leadership experience in the Caribbean finance space, and will also sit on the DeltaCap board.

According to Harding the dynamic new board establishes a high value regional footprint.

“DeltaCap is built with targeted precision. We aim to change the face of Caribbean Alternative Finance, by harnessing the unique access that our leadership team has to regional, and wider international networks.”

Dr Justin Ram, Director of Economics at the Caribbean Development Bank has also joined the DeltaCap Board. Dr Ram who holds a PhD from the London School of Economics, specialises in the energy sector and has consulted with the World Bank, United Nations, and the International Labour Organization on numerous oil and gas projects in Central Asia, and Africa. He was formerly Senior Global Economist with WorleyParsons, and an economist with the UK Department of Transport, as well as the Greater London Authority.

The DeltaCap Board also benefits from the legal prowess of corporate attorney Melanie Jones, Managing Partner of Lex Caribbean law firm.

Jones, who studied at Trinity Hall-Cambridge, leads her firm's international business practice, as well as its Entrepreneurial Business Unit.

She also serves on the board of directors and is a past President of the Barbados International Business Association (BIBA).

The Board and the Executive Management Team of DeltaCap is rounded out by trusted members of the existing SSL Group.

According to partner Hugh Croskery, “We’ve always had solid institutional knowledge within the Group, and we’ve ensured that some of these top performers will work in parallel with the new team to deliver our anticipated above-market returns.”

Sarah Meany, who has led SSL’s Montego Bay office for five years and now holds the position of Director of Private Wealth Management and Client Services, will also join the DeltaCap board.

The SSL boss said, “DeltaCap compliments the business of SSL. In the past, there were instances of SSL dabbling in private equity projects, but in a passive way. SSL For example, owns stakes in several companies including Lifespan, and FosRich but we’ve had no input into the running of those companies.”

“Now we are optimising our capabilities, by allowing each business to focus on what it does best. DeltaCap will be taking an active role in the companies we invest in. This means we can ensure good governance, support operations, implement financial controls, and work with management on strategic initiatives to help scale and grown those businesses.”

Harding notes that a firm financial structure, and diligent regulatory compliance will be of critical importance to the DeltaCap Management Team.

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