Grenada is one of several Caribbean nations to benefit from the Unit Trust Corporation Global Balanced Fund Ltd (UTC GBFL), the first retail mutual fund in the Eastern Caribbean Currency Union (ECCU).
The initiative is designed to promote investment literacy regionally and further develop the Eastern Caribbean Securities Market.
Launched by the UTC, Executive Director, Nigel Edwards, said deepening the capital market and developing new sources of capital is a necessary link to national and regional development.
The institution’s Chief Investment Officer, Sekou Mark, noted that the new mutual fund can only be sold at broker-dealers licensed by the Eastern Caribbean Securities Regulatory Commission.
Besides Grenada, Anguilla, Antigua/Barbuda, Dominica, Montserrat, St. Kitts/Nevis, St. Lucia and St Vincent and the Grenadines are among other nations to benefit from the new fund.
Investors in the countries would be able to subscribe to the mutual fund for as little as 100 US dollars.
The Unit Trust Corporation Global Balanced Fund is scheduled to go on sale in the Eastern Caribbean next month.
