Mike Kelly, consultant with CI Investment Funds, addressing a First Global Financial Services forum on Monday. - Winston Sill/Freelance Photographer

Until Monday, Mike Kelly had not heard of David Smith or his currency trading 'club' that has generated so much controversy in Jamaica.

But Monday when the veteran Canadian mutual fund manager was asked by potential Jamaican investors what he thought about Olint, he was quick with the quip.

"I have two ex-wives," Kelly said to rising laughter. "I do have a lot of alimony. If I get 10 per cent a month ..."

The room roared.

Once the laughter receded, Kelly, officially retired but still a consultant with the Toronto-based fund managers, CI Investments, made it clear that he didn't know enough to offer a definitive position on Smith's operation.

Perspective

He had, however, long before the laughter, offered a perspective on investing and promises of super returns.

"If it sounds too good to be true, it usually is," said the fund manager, who was in Kingston with CI's chairman, the Jam-aican/Canadian businessman, Ray Chang, touting the CI funds.

CI Funds has C$61.8 billion under management and admin-isters another C$18.9 billion.

Circumspect

When Chang joined the group in 1983, it had a little over half a billion dollars under management.

Faced with the same questions as Kelly, Chang was similarly circumspect.

There is just not enough information about Smith's operation, which came under scrutiny from Jamaican regulators before it relocated to the Turks and Caicos Islands.

"I don't know if anybody outside that particular fund knows that is going on," he said.

But whatever it is, what is on offer is a "lot of money" and any investor going in should perhaps "ask a lot of questions".

"At 10 per cent you are doubling your money in 7.2 months," said Chang.

Another strategy

Ray Chang also proposes another strategy for entering such an investment, in a context where extraordinary yields usually mean extraordinary risks.

"If you are risking your money, bet a lot of money," he offered. "And don't be the last to come out."

For Kelly, his expensive alimony and the unlikelihood of earning the kind of returns offered by Smith mean that "next time, I'll just find an ugly woman and buy her a house."

business@gleanerjm.com