THE GRACE Caribbean Fixed Income Fund, the Caribbean's first fixed income fund, has received registration approval in Jamaica.
This was disclosed by the board of directors of Grace, Kennedy Capital Services Ltd, which launched the Fund in the Cayman Islands last year. Chairman Ray Chang said the Fund now boasts a one-year performance of 7.09 per cent.
"Since the beginning of the year 2003, the Fund's assets under management have increased by over 244 per cent," he said. "With investment holdings throughout the region, is now the most optimally diversified mutual fund available to Caribbean investors."
In addition to Jamaica and the Cayman Islands, the Grace Caribbean Fixed Income Fund is also now registered in Barbados, the Bahamas, and Trinidad & Tobago. The registered selling agents in Jamaica will be George & Branday Securities Limited and First Global Stockbrokers Limited.
RATING AGENCIES
The Fund invests in US dollar sovereign bonds of Caribbean countries rated by the international rating agencies, as well as U.S. treasury notes and bank deposits of approved Caribbean U.S. and other international banks. The minimum investments is US$10,000.
"We are very positive about the Fund's prospects for 2004," said Don Wehby, chief financial officer and chief operating officer of Grace, Kennedy's Financial Services Division.
