BISX PRESS RELEASE FOR IMMEDIATE PUBLICATION
The Bahamas International Securities Exchange (BISX) is pleased to announce that the Sapphire Venture Fund Ltd, has submitted an application to be listed on BISX using the Exchange’s Mutual Fund Listing Facility. This fund was approved for listing by the BISX Listing Committee and will now have its information disseminated via the BISX Website.
The Sapphire Venture Fund Ltd’s is licensed as a “SFM 007” SMART Fund pursuant to the Investment Funds Act, 2003 and becomes the first SMART Fund to be listed on the Exchange. SMART Fund stands for Specific Mandate Alternative Regulatory Test Fund and is a Bahamian designed asset management structure to combine the flexibility required by service providers with the responsibilities of regulators.
Speaking on this development, Mr. Keith Davies CEO of BISX stated: “We consider this another significant event in the history of the Exchange. The SMART Fund is an innovative Bahamian structure designed to assist Bahamian service providers with offering value-added products to their clients. Marrying this structure to the national stock exchange of The Bahamas only makes sense and we look forward to bringing on many more SMART funds in the future. As our jurisdiction faces increasing competitive pressures, it seems only appropriate that service providers find new ways of demonstrating value to their clients.”
SMART Fund Model 7 or SFM 007 is the latest template added to the available SMART Fund templates, funds under SFM 007 require a minimum initial investment of $500,000, and so are not suitable for retail investors.
The investment objective of the Company is to spread its risk by investing in a diverse portfolio of commercial and residential real estate properties in prime locations in The Bahamas with long-term leases and high quality tenants. By doing so the Company aims to generate stable and increasing cash flow and asset value. The Company has appointed Sapphire Venture Management Ltd. to act as the Investment Manager for the Company and Royal Fidelity Merchant Bank & Trust Ltd. acted as its Sponsor Member.
For Additional Information Contact:
Mrs. Elude Michel-Sturrup
Tel: 242-323-2330
Fax: 242-323-2320
Email: info@bisxbahamas.com