Bahamas News

The Bahamas International Stock Exchange (BISX) added a seventh mutual fund to its listing yesterday.

“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,” said Keith Davies, BISX CEO.

“The BISX Mutual Fund Listing Facility is proving to be an attractive vehicle for our domestic mutual fund listings.”

Fidelity Prime Income Fund Limited, managed by Fidelity Merchant Bank and Trust, both trades in Bahamian dollars and invests in Bahamian-dollar fixed income instruments. It held a net asset value of 11.2956 Thursday.

The new mutual fund joins five other Bahamian-dollar trading funds on the BISX, including the Colina Bond Fund, Colina Money Market Investment Fund and Colina MSI Preferred Investment Fund.

Fidelity already offers another mutual fund to BISX investors, its Fidelity Bahamas Growth & Income Fund Limited, with Premier Commercial Real Estate Investment Corporation also contributing to the country’s growing market.

Grace Caribbean Fixed Income Fund also trades along with Fidelity Prime Income, but in U.S. currency.

“All indications are that we ought to hit the ground running in 2007 with even more new business for BISX and The Bahamas,” Davies said. “We are keen to launch the formalized Government debt market and are excited about the ancillary benefits that this will bring,” Davies added.

Investment in Fidelity Prime Income Fund requires a minimum initial investment of $5,000.

That means the new fund is likely to appeal to high-net- worth investors on the national exchange and not the increasing number of smaller players now dabbling in the market.

By Barry Williams
The Nassau Guardian