Titan funds generate $750K from 400 subscribers so far
Investar Securities Limited’s Chairman Hillary Deveaux revealed yesterday that subscriptions to its Titan funds have thus far yielded three-quarters of a million dollars from 400 subscribers, chiefly from the Titan Balanced Fund.
Deveaux explained in a statement that while the subscription period was to end on Wednesday, it was extended in order to allow more time for Family Island residents to participate. He added that there has been good demand from the Family Islands.
According to Deveaux, the Titan Fixed Income Fund, which is the fund for high-net-worth individuals and institutional investors, has yet to take off because Investar is still pitching it to the market.
The balanced fund was designed for the everyday Bahamian to become a first-time investor, and to take advantage of being able to invest in Playtech Systems Ltd., the parent company of Island Luck.
Deveaux said the funds’ managers believe that the average Bahamian has subscribed to the balanced fund, but they will not be able to extrapolate that data until the subscription closes.
“We have not done a tally on it,” Deveaux said. “We’ll look at it after we have finished the subscription period.”
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.
Deveaux said Investar hopes to raise much more than the three-quarters of a million dollars in a little less than a month, when the subscriptions will close.
“We are expecting a mad rush before the closing,” said Deveaux.
“I believe what will happen is you may find that some of the people who were going to rush into the fund will wait a little longer.”
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.
Education: Florida International University, BS in Journalism
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