Wed | Dec 19, 2018

Money Masters launches new fund portfolios to stimulate growth

Published:Monday | September 3, 2018 | 12:00 AMAlbert Ferguson/Gleaner Writer
MoneyMasters president Claudette Crooks (centre) gets a hug from Audrey Deer-Williams as MoneyMasters chairman Dunbar McFarlane looks on at the launch of the multiple portfolio funds held at Spanish Court Hotel in New Kingston last week.

Western Bureau:

Investment giant Money-Masters Limited last week unveiled its multiple portfolio funds in Montego Bay, St James, geared towards providing members of the business community with greater opportunities to stimulate economic growth.

The two portfolios unveiled at Usain Bolt's Tracks and Records are the MoneyBuilder and MoneyMasters Growth funds.

"We are launching two very attractive products that are geared for growth," said Claudette Crooks, president of Money-Masters Limited. "We have a target as an economy of five in four [and] we have a target of above five per cent.

"These funds will provide investors with interest at rates of 4 and 6.8 per cent, respectively. The MoneyBuilder is a United States conservative currency fund. It is expected to give a return of four per cent," added Crooks. "The Growth Fund is an aggressive fund that is focused on fixed-income securities. That fund is expected to give a return of 6.8 per cent."

According to Crooks, both funds have some interesting features, which investors should find quite stimulating based on the attractive returns.

"We have some unique structures in both funds that we believe will give investors the return that they are looking for, bearing in mind the average return on Treasury bill in Jamaica is currently at two per cent for six months," said Crooks. "When you take tax from that, you are talking about 1.5 per cent.

"Both funds are expected to generate way above that level," continued Crooks, who pointed out that the funds are registered as a collective investment scheme under the Securities Act and is approved by the Financial Services Commission.