FOR IMMEDIATE PUBLICATION – Tuesday, October 18, 2011
The Bahamas International Securities Exchange (BISX) is pleased to announce that the Royal Fidelity International Investment Fund Limited, Class N, TIGRS, Series 4 Sub Fund and the TIGRS, Series 5 Sub Fund (“the TIGRS 4 Sub Fund” and “the TIGRS 5 Sub Fund” respectively) have successfully completed the BISX Mutual Fund Listing Process and have now been added to the roster of funds listed on the Exchange. The TIGRS 4 and TIGRS 5 Sub Funds are closed end sub-funds of the Royal Fidelity International Investment Fund Limited.
These two funds are the fifth and sixth offerings of international investment products to Bahamians by Royal Fidelity Merchant Bank and Trust Limited. The TIGRS 4 shares offer 100% Principal Protection. The return on these shares is linked to the performance of the iShares MSCI Emerging Markets Index (EEM), the S&P 500 Index, and the MSCI Europe, Australasia, and Far East (EAFE) Index (“Indices Basket”). The TIGRS 4 Sub-Fund matures on December 14, 2015.
The TIGRS 5 shares also offer 100% principal Protection. The return on the Series 5 Shares is linked to the performance of the The DAXglobal Agribusiness Index (DXAG, 60%) and the Energy Select Sector Index (IXE, 40%) (“Indices Basket”). The TIGRS 5 Sub-Fund matures on July 1, 2016.
Royal Fidelity is able to offer these international investment products to Bahamians as a result of the Central Bank of The Bahamas’ Exchange Control Liberalization Program (the Liberalization Program) which allows BISX Broker-Dealer Members to access US$ currency for the specific purpose of creating Bahamian based investment products for local investors. The Liberalization Program which began with the creation of international funds by Royal Fidelity and CFAL in December 2007, currently counts 7 funds (including TIGRS 4 & 5) listed on the Exchange that offer international investment products to Bahamians.
The Royal Fidelity International Investment Fund Limited, Class N, TIGRS, Series 1 Sub Fund (“the TIGRS 1 Sub Fund”), the first fund offered by Royal Fidelity under this program matured on June 30, 2011 and has been delisted from the Exchange, in accordance with the fund’s Offering Memorandum.
BISX Chief Executive Officer; Keith Davies commented on the listing of the TIGRS 4 and 5 Sub Funds; “We are pleased to have been able to provide a platform where the creativity and innovation of our Broker-Dealer Members can be put to good use for the benefit of Bahamian investors. Royal Fidelity should be congratulated for creating another international mutual fund in their family of TIGRS mutual funds. Products such as this mutual fund which has been developed and launched by Royal Fidelity will continue to positively impact our economy and provide investment diversification for investors.”
Royal Fidelity Capital Markets Limited served as the BISX Sponsor Member that brought the TIGRS 4 and TIGRS 5 Sub Funds to the Exchange. Royal Fidelity Merchant Bank and Trust Limited is the Investment Manager as well as the Administrator.
NOTE: Attached to this Press Release is the BISX Formal Trading Notice for Royal Fidelity International Investment Fund Limited, Class N, TIGRS, Series 4 Sub Fund (“the TIGRS 4 Sub Fund”) as well as the BISX Formal Trading Notice for Royal Fidelity International Investment Fund Limited, Class N, TIGRS, Series 5 Sub Fund (“the TIGRS 5 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 Contact:
BISX Listing Manager