Tuesday, October 8, 2019
By YOURI KEMP
THE Bahamas International Securities Exchange (BISX) announced that three new investment funds sponsored by Witherbotham Trust Company Ltd, along with one with sub-fund, have successfully completed the BISX mutual fund listing process and have been listed on the BISX Exchange.
These newly listed funds are: Planifolia Trade Finance Fund Ltd; T Wealth Fund Ltd; ADIFO Global Multi-Asset Fund Ltd - Class A; ADIFO Global Multi-Asset Fund Ltd - Class B; and the ADIFO Global Multi-Asset Fund Ltd - Class C.
In a press release, BISX said: "All of the funds are open-ended mutual funds with subscriptions and redemptions carried out by the relevant fund's administrator. The funds are incorporated as International Business Companies under the laws of the Commonwealth of The Bahamas and are licenced under the Investment Funds Act, 2003."
Ivan Hopper, chief executive officer of Winterbotham Trust Company, stated: "We continue our sponsoring efforts, this time with the listing of three new funds, one of them with three separate share classes, for a total of five listings. These funds have diverse investment objectives and reflect the importance managers are giving to listing their investment vehicles. UCAP Bahamas Limited, the investment manager for these funds, is a great example of such a manager and we hope to be able to continue to sponsor further funds in the future. As the largest fund administrator by number of funds in The Bahamas, and the largest sponsor of listed funds with over 45 percent of fund-related listings, partnering with BISX has become a key component of our offering and a key enhancer in our ability to attract funds to The Bahamas."
BISX Chief Executive Officer Keith Davies said: "We are proud to have crossed the 90 listed fund threshold and look forward to passing 100 funds."
He added: "Milestones such as this are only possible due to the hard work put in by our sponsor members including Winterbotham which has been steadfast in its support of BISX and our drive to expand the exchange's mutual fund listing facility."
Winterbotham served as the BISX sponsor member that brought the funds to the exchange and the administrator, UCAP Bahamas Limited, is the investment manager.