June 10, 2019
Investar Securities Ltd. said today interest from residents in the Family Islands in the Titan Funds introduced in Nassau this week has prompted the team to speed up plans to take subscription offers to Grand Bahama, Abaco, Eleuthera, Exuma and other Family Islands.
Investar launched two investment funds June 3, the Titan Balanced Fund with minimum first investment of $500 for 100 shares at $5 each and the Titan Fixed Income Fund, aimed at the accredited investors, including institutional investors. Interest in both funds was piqued by the inclusion of a limited interest in Playtech Systems Ltd., parent company of Island Luck, allowing fund participants to share in the success of the entertainment and gaming company widely recognized as one of the most impressive business success stories of The Bahamas.
“Despite the fund’s limited investment in Playtech Systems, we know that its inclusion lends a sense of excitement and a feeling of joining the journey,” said Ansel Watson, Investar Securities President & CEO. “But the overpowering strength of the funds lies in their wider range of investments including properties with long-term government leased real estate, prime commercial and residential property, government securities and local B dollar Blue Chip stocks. Participation in revenue from secured leases, real estate developments, securities and stocks makes the Titan Balanced Fund a product that has never before been available to Bahamians.”
Organizers have projected 5-7% growth for the conservative Fixed Income Fund and 7-10% return on the Titan Balanced Fund. Both funds were approved by and are regulated by the Securities Commission of The Bahamas.
“We are extremely pleased with the level of interest in the first several days, particularly interest in the Titan Balanced Fund,” said Hillary Deveaux, Investar Securities Chairman. “What we underestimated was the high level of interest from the Family Islands. There have been numerous calls from people wanting to know if they could bring in documents for others if they came to Nassau.”
Because of strict KYC (know your customer) requirements, fund administrators said taking the offering on the road was the only secure and practical way to proceed.
“It’s like taking the mountain to Mohammed,” said Mr. Watson. “But it is worth it. Otherwise, everyone who wanted to help another prospective investor would have to meet specific legal requirements including proving power of attorney. We did not want the burden to be on the investor so we will accept it at Investar.”
Investar said applications for shares were being taken at Cash ‘n Go locations on Carmichael Road and Rosetta Street and Investar Securities, East Bay Street at Deveaux Street.
Executives said they would post the schedule for Family Island visits on its website ivstar.com and throughout its social media shortly. Persons applying need to bring valid Bahamian passport, NIB card, driver’s license if available and a recent utility bill or bank statement to show place of residence.
Investar Securities directors include Sebas Bastian, Lowell Mortimer and Scott Godet, along with Mssrs Deveaux and Watson. Titan Fund Directors include Dirk Simmons, Felix Stubbs, Heather Beloit-Hazarian, Leno is the Investment Manager, Baker Tilly Gomez is the official auditor.
ABOUT INVESTAR SECURITIES LTD.
Investar Securities Ltd. was founded to broaden access to financial services and invite a wider section of Bahamian society to participate in domestic wealth while contributing to national development and economic democratization. By tapping into latent demand in both the well-served and under-served markets, Investar continuously explores growth investment opportunities aligned with its culture of innovation, openness and trust. The firm’s Directors, CEO and management represent more than 150 years of combined regulatory, accounting, banking and corporate leadership expertise. Investar Securities Ltd. was incorporated in 2015 under The Companies Act 1992 and is regulated by the Securities Commission of The Bahamas.
Hillary Deveaux, Chairman, Investar Securities Ltd., and former chairman of the Securities Commission of The Bahamas said Investar would answer the call from Family Island residents interested in participating in the new Titan investment funds by sending teams to Grand Bahama, Abaco, Eleuthera, Exuma and other Family Islands.