The more than $1 billion of liquidity in the banking system could continue to be a driver behind the growth of investment funds tailored to reach Bahamians of all economic levels, founder and Chief Executive Officer of Leno Group of Companies Sean Longley said yesterday.
Speaking to the media following the groundbreaking for Leno’s new corporate headquarters, Longley said Bahamians need to become more educated about investment funds in order for the number of funds within the reach of lower economic status Bahamians to grow.
Leno helped to bring Investar Securities Limited’s funds to the market and recently became the adviser and placement agent for Bahamas Petroleum Company’s investment fund.
“Because of the amount of liquidity in the system, there will be growth of funds,” Longley said.
“Once we’re able to bring additional products for people to look at, as opposed to just the regular government bond, you will see growth.
“We just have to get the word out so persons understand what we do.”
He suggested that because banks are not a great place to grow savings, Bahamians should look to investment funds and start small.
“A lot of Bahamians think we need a ton of money to start investing,” Longley said.
Start with the minimum amount and be consistent. You don’t have to be risky with it. Take a conservative growth approach and as you get more comfortable, diversify.”
Longley said his company grew leaps and bounds when it purchased Family Guardian’s wealth management portfolio; and then even further after it obtained its trust license and purchased Bank of The Bahamas’ trust business.
According to Longley, Leno is focused on being more client focused in order to continue its growth as it enters its tenth year in 2021.
“Leno provides an alternative to the other players in the market,” he said.
“We try to be more client focused, providing the necessary services that they require. We’ve been very pleased with seeing how we’ve been getting organic business to the company.”