The financial sector, with over 40 years of steady growth and experience in the offshore banking and trust industry, is the second leading contributor to the economy of The Bahamas, employing more than 10% of the country's labour force and comprisiong 12% of GDP ($340 million).
Bahamas Investment Authority
In The Bahamas
Mutual funds have become the largest growth area in The Bahamas' financial services sector over the last few years, and the country is developing into a major international center for mutual funds. The Bahamas' tax-free and investor-friendly regulatory environment makes it attractive to fund managers seeking alternative offshore asset bases. It costs less to operate a fund in The Bahamas, therefore, providing investors with more profit.
The nature of fund activity has evolved from funds being sold to international clients by private banking institutions with local branches to funds being established in the country, using Bahamian institutions to service them.
The uptrend in mutual fund investment prompted the Government to pass the Mutual Funds Act in 1995, which protects investors by regulating the fund industry through a Securities Board and Administrators that license mutual funds.
Applications for fund licenses must include a prospectus of the fund and provide guarantees to the board that the fund's promoters are reputable. The board's inspector has the authority to examine records of a fund, audit the fund, or act on behalf of investors if their interests are in danger. Confidentiality and privacy are assured by provisions in the new legislation.
Mutual Fund ManagersAtlantic Bank of Commerce Ltd.
P.O. Box N8865
Nassau, N.P., The Bahamas
Mrs. Hilda Knowles
Deputy General Manager
Bank American & Banking
Corporation (Bahamas Ltd.)
Bank & Trust (Bahamas) Ltd.
CIBC Trust Company (Bahamas) Ltd.
Coutts & Company
Private Bank & Trust Ltd.
Demachy Worms & Co.
Eastland American Bank Ltd.
Euro-Dutch Trust Co. (Bahamas) Ltd.
Fidinam Trust Corporation (Bahamas) Ltd.
Bank & Trust Company Ltd.
Lloyds Bank International Private Banking
Mees Pierson (Bahamas) Ltd.
Morgan Trust Company of The Bahamas
Rawson Trust Company Ltd.
Sand Ander Investment Bank Ltd.
The Chase Manhattan Private Bank
The Citibank Private Bank
The Private Trust Corporation Ltd.
Thorand Trust & Management
Westpac Bank & Trust