The Winterbotham Trust Company has been approved as the Bahamas International Securities Exchange’s (BISX) seventh sponsor member, responsible for ensuring the smooth listing of mutual funds on the exchange. It will be added to the roster of eligible sponsor members qualified to introduce mutual fund listings to BISX.
From Winterbotham’s perspective, the sponsor member status will enable it to provide more value-added services to their clients, particularly in the areas of fund administration and trust services.
BISX’s chief executive, Keith Davies, said: “We are pleased to have Winterbotham join BISX as a sponsor member. Winterbotham is one of BISX’s original shareholders, and so we regard this as the deepening of an already existing relationship. I would like to thank Minister Ryan Pinder for bringing Winterbotham’s chief executive, Ivan Hooper, and I together to discuss new business opportunities during the course of the 2014 International Business and Finance Summit hosted by the Bahamas Financial Services Board.
“His involvement enabled the meetings that lead to this new BISX sponsor membership, and we are encouraged that the Ministry of Financial Services has incorporated BISX into its overall strategic plans for the development and expansion of the financial services industry.”
BISX sponsor membership allows professional organisations to introduce investment fund applicants to the exchange for the purpose of being listed.
In order to become a BISX sponsor member, organisations go through a due diligence process with the BISX executive staff, after which a determination on membership is made by the BISX Membership Committee.
Speaking about this new membership; Ivan Hooper, Winterbotham’s chief executive, said: “It is important for us to continue developing added-value services for our fund clients. Listing is one of those important requirements that fund managers look for when setting up a fund, and we will now be able to provide a solution in this regard.
“Our company is the largest fund administrator by number of funds in the Bahamas, and we expect to be able to sponsor many funds to become listed on the exchange. This will increase our ability to attract funds to the Bahamas and further enhance our offering in our fund services division.”
Mr Davies added: “Memberships such as this are essential to the growth and development of our country’s ability to offer differentiated services in the financial services community.
“As a result we believe that this is an excellent addition to our exchange and we look forward to engaging Winterbotham on new business development initiatives as well.”