Citizens from the Eastern Caribbean are being afforded an opportunity to increase their earnings by making investments into the wider global market through access to dependable and reputable corporations.
The Unit Trust Cooperation Global Balanced Fund Ltd. (UTC/GBFL) recently launched its first retail mutual fund in Saint Lucia. The initiative is designed to facilitate wealth creation opportunities and promote investment literacy regionally.
The subsidiary of the Trinidad and Tobago (T&T) Unit Trust Cooperation aims to provide people from all walks of life across the Eastern Caribbean Currency Union (ECCU) access to international capital markets via a Collective Investment Scheme (CIS) or mutual fund.
Retail funds are investment funds intended for ordinary investors, as opposed to institutional investors. Retail funds include many classes of mutual funds and ETFs available for transactions through brokers or directly from the fund company.
Omar Burch-Smith, UTC/GBFL Regional Manager highlighted the significance of this initiative.
“This is a special, historic and momentous (occasion) …as we launch the very first mutual fund in the OECS,” he declared.
“Nationals and residents as far north as Anguilla and to Grenada in the south now have the ability for the first time to invest in a mutual fund, right here at home,” added Smith.
He said the initiative will provide residents with an opportunity “to claim an ownership state in some of the largest most profitable companies in the world and to benefit from the earnings and value of these companies.”
Meanwhile, in his delivery, on behalf of Prime Minister Philip J Pierre, Director of Finance in the Treasury Department Imran Williams lauded the dedication of the UTC in its efforts to promote widespread participation in financial markets on a regional scale.
“This is the power of investing that our Prime Minister desires for our citizens,” he said. “The prime minster also welcomed the employment opportunities of the UTC/GBFL presents for the security professionals, not only Saint Lucians but in the Eastern Caribbean Currency Union (ECCU).”
Williams notes that the region stands to benefit from “a much needed investment literacy with facilitation of inter-generational wealth creation opportunities and further development of the Eastern Caribbean Securities Market.”
He added, “All of these are timely interventions that can positively contribute to economic growth and development. Again, we can sum it all up by saying that investment is good for our citizens and it’s good for our economy.”
According to reports, stakeholders feel that the fund is well positioned to bring financial freedom within the reach of masses with a minimum investment of US$100.
The investments are sold by licensed reputable brokers, and in Saint Lucia’s case – transactions will be handled by First Citizens Investment Services Ltd., and the Bank of Saint Lucia Ltd. (BOSL).
The Unit Trust Cooperation has been in existence for 41 years.