The Bahamas International Securities Exchange (BISX) announced the listing of a new "SMART" fund yesterday.
The Internazionale Investment Fund Limited successfully submitted an application to be listed on BISX using the exchange's mutual fund listing facility.
The fund was approved for listing by the BISX Listing Committee and will now have its information disseminated via the BISX Website.
The fund is licensed as a "SFM 007" SMART fund pursuant to the Investment Funds Act, 2003. SMART funds are one of the fastest growing wealth management structures in The Bahamas, as they allow service providers the flexibility required to offer unique financial and legal solutions to their clients.
Speaking on this development, Keith Davies, CEO of BISX stated: "We are very encouraged by this latest listing. Earlier this year, BISX identified SMART funds as a target market that we would focus on at the exchange, and this is now our second SMART fund listing in three months, so we are very pleased and we are quite optimistic for the future of SMART funds listings on BISX. To encourage this growth, we have offered unique fee proposals to encourage our financial services providers to seriously consider a BISX listing when creating SMART funds.
"Some of the main advantages that financial services providers receive from establishing operations in The Bahamas is the sovereignty of the jurisdiction and the ease of access to key decision makers. BISX prides itself on the fact that we engage with the industry and especially our members in an effort to find new ways of differentiating The Bahamas from our competing jurisdictions. The feedback of our sponsor members has been integral to the growth of our mutual fund listing facility," added Davies.
The fund has appointed Credit Suisse AG, Nassau Branch to act as the investment manager and sponsor member.

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