Fidelty Lists Bahamas Fund On BISX

by Phillip Morton, Investors Offshore.com

02 January 2007

Mutual fund management giant Fidelity has chosen to list its Fidelity Prime Income Fund Limited on the Bahamas International Securities Exchange (BISX), underscoring the growing popularity of the BISX's mutual fund listing facility.

The fund, which is managed by Fidelity Merchant Bank and Trust, invests in Bahamian Dollar fixed income instruments and seeks to provide investors with a higher return than is possible through traditional bank deposits and/or Certificates of Deposit. It is licenced under the Investment Funds Act of 2003.

According to Keith Davies, BISX CEO, the listing of this fund provides another positive incremental step for the exchange's mutual fund listing facility.

"We are extremely pleased with the listing of the Fidelity Prime Income Fund, and it is quite appropriate that we end the year on another positive note at BISX.

"The BISX Mutual Fund Listing Facility is proving to be an attractive vehicle for our domestic mutual fund listings. We are optimistic that the regular inquiries we receive from attorneys and mutual fund administrators both locally and internationally will lead to more listings in the coming year."

The Prime Income Fund is the second fund that Fidelity has listed with the BISX, and the sixth domestic fund to take advantage of the mutual fund listing facility that BISX offers. The fund is open to qualified residents of The Bahamas, and requires a minimum initial investment of $5,000.

Commenting on the outlook for BISX in 2007, Mr. Davies stated:

"All indications are that we ought to hit the ground running in 2007 with even more new business for BISX and The Bahamas.

"We are keen to launch the formalized Government debt market and are excited about the ancillary benefits that this will bring. Also, we hope that the hard work that is currently being devoted to our international trading platform will result in a successful launch in 2007 or shortly thereafter."

Recommended