GRACE, KENNEDY and Company Ltd. will launch a mutual fund within the next two months, says its chairman and chief executive officer Douglas Orane.
The Grace Six Income Mutual Fund will be launched across the region, he said. The Grace chairman was briefing representatives of the Barbadian investment community at the Accra Hotel last week.
"It will be listed on the Cayman Stock Exchange and is specifically designed for Caribbean people who will be able to invest with funds large or small," he said in an interview with the Barbados-based tabloid, Business Authority. The mutual fund will have a blend of sovereign debt. It will buy treasury bills and treasury bonds from Barbados, Trinidad, Jamaica and other countries and blend them together.
Keith Collister, business development manager of First Global Stockbrokers Ltd., Grace's stockbroking subsidiary, said in January that his company had developed an off-shore, US dollar denominated mutual fund, which they planned to introduce early in 2002.
"While the fund will be off-shore, it will be registered here," he said. "It will ensure that the mutual fund holder is not exposed to the risk of investing in one country only... because interest rates have been falling this becomes a more attractive alternative."
