LOM Financial opens new office building at Old Fort Bay
Last week, executive directors from LOM Financial (Bahamas) Limited officially opened LOM House at Old Fort Bay. The 3,708 sq. ft. building, purchased by the financial firm’s real estate arm LOM Properties Limited for $2 million, will house its corporate offices on the first floor with additional floors being rented to tenants.
The LOM Group, a publicly held company majority owned by a Bermudian family, began operations in Bermuda in 1992 and was incorporated in The Bahamas in early 2001. The group marked the occasion and celebration of both island cultures with a traditional Bermudian rum wetting ceremony before the official ribbon cutting, followed by a colorful Bahamian Junkanoo rush out.
At the opening event attended by government officials and financial services industry partners, Craig Lines, president/director of LOM Financial (Bahamas) Limited, who is a resident in The Bahamas, spoke of the historical link between The Bahamas and Bermuda and outlined future plans for the organization.
“The links between The Bahamas and Bermuda go back almost 400 hundred years, beginning with the ‘Eleutheran Adventurers’ who settled in The Bahamas in 1648 from Bermuda, seeking religious freedom,” Craig Lines shared during his remarks. “I mention this history to demonstrate the link of business, culture and family that continues today. We do not view this building as simply a financial investment, but a deepening of our links, networks and roots in The Bahamas for generations to come.”
LOM Financial Group’s Chairman and CEO Scott G. S. Lines was also in attendance. He recapped the operation’s success in The Bahamas, the challenges faced by the global offshore industry and the company’s decision to allocate additional investment in The Bahamas.
“The Bahamas is a jurisdiction that offers an excellent location, widespread expertise and an independent sovereign jurisdiction. For many years it has been a principal offshore financial center in the Caribbean and we expect for it to remain a significant financial hub for private wealth,” Scott Lines said.
Acknowledging the changing nature of offshore business, Lines used the occasion to reiterate the importance of financial and wealth management companies to be physically present in offshore jurisdictions in order to effectively service offshore clients.
“After operating here for 17 years, we are very pleased to have deepened our links here through the purchase of this building. With the investment in this new building here at Old Fort Bay, we are deepening our involvement in The Bahamas, we are recruiting ever more talented staff and our goal is to provide the best service and performance found anywhere.”
The company’s financial services team develops and manages custom strategies for high-net-worth clients and institutions. Through a network of subsidiaries in Bermuda, The Bahamas, Asia, and the United Kingdom, LOM offers a full range of private investment services and products including brokerage, custody, asset management and corporate finance services. Its operations in The Bahamas began in February 2001.