By ANNELIA NIXON

TRIBUNE Business Reporter

anixon@tribunemedia.net

PRIME Minister Philip Davis KC yesterday called on J P Morgan Trust Company (Bahamas) to build on its decades-long investment in this nation by training more locals and partnering with the Government on emerging blue finance and carbon market opportunities.

Speaking as the financial services provider opened its new offices in Goodman’s Bay Corporate Centre, Mr Davis said the relocation from downtown Nassau represented more than a change of address, describing it as a vote of confidence in the Bahamian economy and industry.

“Continue investing in The Bahamas but also invest in Bahamians,” Mr Davis said. “We have talented young people here. And the only difference between Bahamians and anyone else is opportunity. Mentor them. Train them. Develop them. Give them the opportunity to become the next generation of financial trust professionals and leaders in this industry.”

Mr Davis also invited JP Morgan to collaborate with the Government as The Bahamas seeks to expand opportunities in blue finance and carbon markets. “Together, we can position The Bahamas as a leader in the next generation of global financial innovation,” he said.

Mr Davis described the firm’s new office as “a statement of confidence” in the country’s future. “A move like this is a statement of confidence. It reflects a belief in the future, and today it sends a clear message: JP Morgan continues to believe in The Bahamas,” he said.

The Prime Minister noted that JP Morgan has maintained a presence in The Bahamas for more than four decades, saying the relationship had “stood the test of time”. He argued that the Government’s fiscal reforms and regulatory improvements have helped restore investor confidence since his administration took office in 2021.

Mr Davis highlighted reductions in the country’s debt-to-GDP ratio, the move from fiscal deficits toward a projected surplus, stronger government revenues through improved compliance, and recent sovereign credit rating upgrades.

He also pointed to advances in The Bahamas’ anti-money laundering and counter-terrorism financing framework, noting that the country is now among a small group of jurisdictions rated compliant or largely compliant with all 40 recommendations of the Financial Action Task Force (FATF).

“These achievements are not ends unto themselves,” Mr Davis said. “They are about creating the confidence that allows institutions like JP Morgan to succeed here.”

Terraine Smith, executive director and head of JP Morgan Trust Company (Bahamas), said the opening of the new office reflected the firm’s long-term commitment to the jurisdiction rather than simply a relocation from its previous Charlotte Street offices at the Bahamas Financial Centre.

“Today marks more than a ribbon cutting,” she said. “It is about commitment, because opening a new office isn’t just about a new address. It’s a statement that we are here, we are investing.”

Ms Smith said The Bahamas has built its reputation as an international financial centre through professionalism, resilience and integrity, adding that JP Morgan is proud to contribute to the jurisdiction’s continued development. She said the new office was intentionally designed to promote collaboration while enhancing the firm’s client experience.

“It is designed to support thoughtful collaboration and the kind of client experience that is defined by discretion, responsiveness and care,” Ms Smith said.

“In a business built on long-term relationships, the environment matters because it shapes the way we serve, the way we communicate and the way we uphold the confidence.”

Adam TejPaul, chief executive of J.P. Morgan’s global trusts and estates business, said the firm has conducted private banking business for nearly 200 years and has operated in The Bahamas for around 50 years. He said trust services remain fundamentally relationship-driven despite rapid technological advances.

“One thing that’s really special about our client base is that it’s not just a transaction; it’s a relationship that lasts a long period of time,” Mr TejPaul said.

He noted that JP Morgan clients remain with the institution for an average of more than a decade, with the firm’s goal being to serve families across multiple generations.

While acknowledging the growing role of artificial intelligence (AI) and digital technology, Mr TejPaul said personal relationships remain irreplaceable in the trust business.

“As much as the world is changing to become more and more digital, and the advent of AI, one thing that is not becoming more digital is the personal relationship you have with your trustees,” he said.

Looking ahead, Mr TejPaul said the new office would serve generations of global clients, many of whom will choose The Bahamas as the jurisdiction through which their trust structures are established.

“Many of the most influential people on the planet will walk through these doors over the next 50 years,” he said. “We hope that they leave these doors with confidence in JP Morgan as their trustee, and as an institution, but very much to The Bahamas as the jurisdiction that was chosen to put their trust.”