Investar Securities Limited unveiled two investment funds yesterday geared at getting everyday Bahamians to grow their money in a new way, through investing in Bahamian companies like Island Luck. The funds are slated to go on offer June 3.
Investar held a press conference yesterday ahead of the public announcement of the fund offering, which was made by Island Luck Chief Executive Officer and Investar Director Sebas Bastian at OWN Talks last night at the Baha Mar Convention Center.
Chairman of Investar and Titan Funds Hillary Deveaux said both of the funds that will be on offer next month, the Titan Fixed Income Fund and the Titan Balanced Fund, have been licensed by the Securities Commission of The Bahamas (SCB).
Given the nature of Island Luck’s operations and its position under the regulatory watch of the Gaming Board for The Bahamas, Deveaux said the Titan Balanced Fund, which includes Island Luck in its portfolio, had to be vetted more rigidly than most funds.
“Probably no investment fund ever proposed in The Bahamas has undergone more scrutiny than the Titan Balanced Fund, primarily because, in our application to the Securities Commission, we were proposing to include in its portfolio, Playtech (Island Luck) shares,” Deveaux said.
“The Securities Commission worked very closely with us and the Gaming Board to ensure that we were compliant with both the Gaming Act and the Investment Fund Act.”
Deveaux stressed that investing in the funds, as does all funds, includes risk, but he said the return is far more than local savings accounts or fixed deposit interest rates.
He explained that both funds will be managed by Leno Corporate Services Limited as the investment manager, while Genesis Fund Services will act as the investment fund administrator; the Bank of The Bahamas as the banker; Mackey and Moxey as the legal advisor; and Baker Tilly Gomez as the chartered accountants and auditor.
Manager of Business Development at Leno Corporate Services Khalil Braithwaite said his company supports initiatives to enhance the capital markets’ product offerings and market efficiency.
“As we stressed, all investments involve risk, but we feel that with Leno’s careful management and oversight, and the full participation, energy and expertise of a very skilled team at Investar Securities, the Titan investment funds signify the advent of a new era in Bahamian dollar investment opportunities,” Braithwaite said.
Deveaux said the minimum investment of $500 that will be offered to Bahamians will set the Titan Fixed Income Fund apart from other investment funds on offer in The Bahamas.
“As you are well aware the performance of Island Luck has been extremely successful over the years,” he said.
Island Luck had hoped to have Bahamians invest in the company through an initial public offering (IPO), but had difficulty navigating the regulatory approvals.
Titan Fund Director Dirk Simmons said the fund offering has nothing to do with Island Luck’s endeavor to launch an IPO. He said the reason for the funds is to create investment opportunities that are more accessible to the average Bahamian person.
At the end of the year, Global Ports Holding will issue shares to Bahamians, but Simmons said the market is large enough to handle multiple investment vehicles at once.
“There is sufficient liquidity in the market for multiple offerings,” he said. “We are very confident in our offering and we are confident it will meet the return expectations.”
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