Sebas Bastian’s investment house yesterday said potential investor demand had caused it to speed up the launch of its two Titan investment funds outside New Providence.

Investar Securities explained that it had “underestimated” interest from Family Island residents in the Titan Balanced Fund and Titan Fixed Income Fund, which it is projecting will generate returns of seven to ten percent and five to seven percent, respectively. Both funds are approved by, and regulated by, the Securities Commission of The Bahamas.

The two investment funds were launched on June 3. The Titan Balanced Fund has minimum first investment of $500 for 100 shares at $5 each, while the Titan Fixed Income Fund is aimed at accredited investors such as institutions and high net worth individuals.

Investar said interest was sparked by the inclusion of a limited interest in Playtech Systems, parent company of Mr Bastian’s Island Luck web shop chain, among the Titan Balanced Fund’s potential investments. This will allowing fund investors to share in the gaming firm’s success.

“Despite the fund’s limited investment in Playtech Systems, we know that its inclusion lends a sense of excitement and a feeling of joining the journey,” said Ansel Watson, Investar Securities president and chief executive.

“But 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 Bahamian dollar blue chip stocks. 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.”

“We are extremely pleased with the level of interest in the first several days, particularly interest in the Titan Balanced Fund,” said Hillary Deveaux, Investar Securities chairman. “What we underestimated was the high level of interest from the Family Islands. There have been numerous calls from people wanting to know if they could bring in documents for others if they came to Nassau.”

Because of strict KYC (know your customer) requirements, fund administrators said taking the offering on the road was the only secure and practical way to proceed.

“It’s like taking the mountain to Mohammed,” said Mr 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.”

Investar said applications for share subscriptions are being taken at Cash ‘n Go locations on Carmichael Road and Rosetta Street, and Investar Securities on East Bay Street and Deveaux Street.

Executives said they would post the schedule for Family Island visits on its website ivstar.com and throughout social media shortly. 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.

Investar Securities directors include Mr Bastian, Lowell Mortimer and Scott Godet, along with Messrs Deveaux and Watson. Titan Fund directors include Dirk Simmons, Felix Stubbs, Heather Beloit-Hazarian. Leno is the investment manager, while Baker Tilly Gomez is the official auditor.