The Bahamas International Securities Exchange (BISX) reports that Colonial Pension Services (Bahamas) Limited, a subsidiary of Colonial Group International Limited of Bermuda, has been approved as a Trading Member. The firm becomes the fifth BISX Broker Dealer Member.
Keith Davies, Chief Executive Officer of BISX, says “We are extremely pleased to welcome Colonial Pension Services as our newest Member. I think it is important, however, to point out that Colonial Pension Services will function as a trading agent for its clients only, as opposed to the general public.”
Commenting on the significance of this type of specialist Member, Mr. Davies points out that “We expect that as our market evolves and we begin to see the advent of pension legislation, there will be a move by more entities to enter the pension fund administration and asset management arena. Colonial Pension Services has obviously taken a very proactive approach to be ahead of the market in this regard, and have taken steps to establish a relationship and ultimately a track record with BISX where the vast majority of all pension funds will be invested.”
By becoming a BISX Broker-Dealer Member, the firm is able to effect exchange-based transactions on behalf of their clients in a swift, cost-efficient manner. Larry Gibson, Vice President of Colonial Pension Services, says “This is another step towards our goal of becoming a major player in the pension and asset management business locally, while leveraging our extensive regional and international expertise and scope.”
Mr. Davies notes that BISX is committed to fostering the growth of The Bahamian Capital Markets, and a focus in carrying out this goal is increasing the number of investment alternatives as well as the investment avenues available to investors.