Titan Funds will be available to family island residents next week
Investar Securities Limited revealed in a press statement yesterday that its Titan Funds offer will be available to family island residents next week, pointing out that there has been a lot of interest in the fund in Nassau.
The fund officially opened to subscribers on Monday and due to the interest in the fund, Investar decided to fast track its move to offer the fund in the Family Islands, the statement revealed. Subscription offers will go to Grand Bahama, Abaco, Eleuthera, Exuma and other Family Islands.
“Investar launched two investment funds on June 3, the Titan Balanced Fund with a minimum first investment of $500 for 100 shares at $5 each; and the Titan Fixed Income Fund, aimed at the accredited investors, including institutional investors,” the press statement noted.
“Interest in both funds was piqued by the inclusion of a limited interest in Playtech Systems Ltd., parent company of Island Luck, allowing fund participants to share in the success of the entertainment and gaming company, widely recognized as one of the most impressive business success stories of The Bahamas.”
Investar Chief Executive Officer Ansel Watson said the inclusion of Playtech will likely excite investors, though he said he is confident in the strength of the funds outside of Island Luck.
“The overpowering strength of the funds lies in their wider range of investments, including properties with long-term, government-leased real estate; prime commercial and residential property, government securities and local B dollar blue chip stocks,” said Watson.
“Participation in revenue from secured leases, real estate developments, securities and stocks makes the Titan Balanced Fund a product that has never before been available to Bahamians.”
Organizers have projected 5-7 percent growth for the conservative fixed income fund and a 7-10 percent return on the Titan Balanced Fund. Both funds were approved by and are regulated by the Securities Commission of The Bahamas.
Investar Securities Chairman Hillary Deveaux said the interest in the funds from family islanders was underestimated.
“There have been numerous calls from people wanting to know if they could bring in documents for others if they came to Nassau,” he said.
The statement explained that Investar has to take the fund to the family islands in order to appease strict KYC (know your customer) requirements.
“It’s like taking the mountain to Mohammed,” said Watson.
“But it is worth it. Otherwise, everyone who wanted to help another prospective investor would have to meet specific legal requirements, including proving power of attorney. We did not want the burden to be on the investor, so we will accept it at Investar.”
Applications for shares can be found at Cash N’ Go locations on Carmichael Road and Rosetta Street and Investar Securities on East Bay Street.
The statement explained that the schedule for family island visits can be found on Investar’s website ivstar.com and through its social media pages.
“Persons applying need to bring a valid Bahamian passport, NIB card, driver’s license if available and a recent utility bill or bank statement to show place of residence,” the statement notes.
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