Titan Mutual Funds Interest ‘Exceeds Expectation’
Days before the first investment funds with Island Luck shares in their portfolio become available for subscription, executives said today that initial interest has “exceeded all expectations.”
Ansel Watson, President & CEO of Investar Securities Ltd., which is launching the Titan Balanced Fund and the Titan Fixed Income Fund June 3 reported that more than 500 inquiries had filled their e-mail inboxes and poured into its social media pages in the first 48 hours.
“We announced the launch of the funds at OWN Talks on Thursday evening of last week (May 23) after 10 pm at the end of a very lengthy program,” said Watson. “With the coverage in the newspapers, on radio and TV, word got out quickly. By the weekend, less than 48 hours later, we had more than 500 inquiries.” At $5 a share for the Titan Balanced Fund and $10 a share for the Fixed Income Fund, the funds were designed to appeal to new investors in addition to experienced investors. Entry level for the Balanced Fund is 100 shares for $500, for the Fixed Income Fund, 100 shares for $1,000.
“We want to offer investment opportunity to the everyday working individual, including those who thought investment was beyond their reach,” said Watson. “We want to help put wealth within everyone’s reach. It’s all about economic democratization.”
Executives, including investment fund manager Leno Corporate Services, agree that part of the initial interest is the ability to participate in revenue generated by Playtech Systems, parent company of Island Luck. A portion of the Titan Balanced Fund portfolio will be invested in Playtech Systems.
Investar Securities, Watson said, will allow more Bahamians than ever to participate in local markets. The funds will be in B dollars and portfolios may include stocks in local companies, government treasury bonds, utilities and more.
“We will not know until much later whether the interest that we saw initially will translate into subscription, but it is a good sign and we are hopeful that more people will understand the sense of inclusion these investments offer,” said Watson.
The Titan Funds were approved and licenced by the Securities Commission of The Bahamas.
Subscription opens on June 3 at 9 am at Investar Securities at Bay and Deveaux Streets, Cash ‘n Go locations on Rosetta Street and on Carmichael Road, Greenleaf Financial Services on Collins Avenue at 4th Terrace and Colonial House, Thompson Boulevard.