FOR IMMEDIATE PUBLICATION – WEDNESDAY, JUNE 25, 2008
The Bahamas International Securities Exchange (BISX) is pleased to announce that the Royal Fidelity International Investment Fund Limited, Class A Equities Sub Fund (“the Royal Fidelity Equities Sub Fund”) has successfully completed the BISX Mutual Fund Listing Process and has now been added to the roster of funds listed on the Exchange. The Royal Fidelity Equities Sub Fund is managed by Royal Fidelity Merchant Bank and Trust Limited and is an open-ended sub-fund of the Royal Fidelity International Investment Fund Limited.
The Royal Fidelity Equities Sub Fund is the second offering of international investment products to Bahamians by Royal Fidelity Merchant Bank and Trust Limited. Royal Fidelity is able to offer these international investment products to Bahamians as a result of the Central Bank Exchange Control Liberalization Program which allows BISX Licensed Broker-Dealers to access US$ currency for the specific purpose of creating Bahamian based investment products for local investors. With this latest offering, Bahamians can now choose from 13 unique mutual fund offerings that are listed on the Exchange, including 5 that feature exposure to international securities.
The Royal Fidelity Equities Sub Fund becomes the eleventh listing on the Exchange since December 2007 with nine of these products being available to Bahamians. Speaking on the growth of investment products available to Bahamians, the BISX CEO Keith Davies stated: “In order for our market to expand there must be an emphasis on diversification, both in terms of the actual number of offerings but also on the type or nature of the different offerings. With this latest offering and listing on the Exchange, I believe we are making positive steps in this direction. With the growing variety of investment products now available on the Exchange, investors are more likely to find investment profiles that meet their risk versus return profile and this will lead to more Bahamians becoming active participants in the securities market.”
Royal Fidelity Capital Markets Limited served as the BISX Sponsor Member that brought the Royal Fidelity Equities Sub Fund to the Exchange. Royal Fidelity Merchant Bank and Trust Limited serves as the Investment Manager. The Fund seeks a high total return through a combination of income and capital appreciation by investing in international equity securities, exchange-traded funds, fixed income securities and mutual funds.
Speaking about their latest listing on the Exchange, Mr. Michael Anderson, a director of the Fund noted: “This listing gives Bahamians an opportunity to diversify their portfolio into the international markets without having to go through the investment currency pool. The fund provides the Bahamian investor with the opportunity to invest overseas using professional, time-proven investment managers thus eliminating the need for the Bahamian investor to navigate through a large universe of investment products.”
NOTE: Attached to this Press Release is the BISX Formal Trading Notice for the Royal Fidelity International Investment Fund Limited, Class A Equities Sub Fund. This notice advises the public of the security to be listed on the Exchange and the trading symbol of the listed security.
For additional information, please contact:
Holland Grant
Listings Manager
Tel: 242-394-2503
Fax: 242-394-2504