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First ICON listed on BISX

The Bahamas International Securities Exchange has announced that voting participation interests in the Star Capital Fund ICON have successfully completed the BISX listing process. As a result, these securities have now been added to the roster of funds listed on the Exchange. 

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TheBahamasInvestor.com
Tuesday, June 14, 2016
Tuesday, June 14, 2016

BISXThe Bahamas International Securities Exchange (BISX) has announced that voting participation interests in the Star Capital Fund ICON (Star Capital) have successfully completed the BISX listing process. As a result, these securities have now been added to the roster of funds listed on the Exchange. Star Capital is open-ended investment fund.

Star Capital is established as an Investment Condominium under the Investment Condominium Act, 2014 and is registered as a Smart Fund 007 under the Investment Funds Act, 2003. Star Capital becomes the first Investment Condominium (ICON) listed on The Bahamas International Securities Exchange.


As stated in the Bahamas Financial Services Board‘s ICON guidebook: “An ICON is a contractual relationship between one or more participants who have pooled assets for the purposes of operating as an investment fund, and an investment condominium must be licensed as an investment fund under the Investment Funds Act. It is an entity without legal personality but, when represented by its administrator, is able to hold assets in its own name, enter into agreements and sue or be sued in its own name.”

BISX chief executive officer Keith Davies commented on the listing of Star Capital: “We are pleased to have listed our very first ICON on BISX. The innovation of the Bahamian Financial Services sector continues to be demonstrated through the value added products such as ICONs that are being created.”

CFAL securities served as the BISX sponsor member that brought this fund to the exchange. TAG Corporate Services Ltd has been appointed as the administrator for the fund. Swan Capital Ltd acts in capacity of investment manager.

Stuart Bowe, president of the Bahamas Hotel and Tourism Association, is among the five vice presidents elected by The Caribbean Hotel and Tourism Association at the Hyatt Regency Miami last week to serve for the 2016-2018 biennium.

Grand Bahama is "definitely headed in the right direction", according to Minister for Grand Bahama Michael Darville (pictured, stock photo) who delivered his contribution to the 2016/2017 Budget debate in Parliament yesterday. Read the Minister's full contribution here.

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