Butterfield launches global blue chip fund
About the article
This is a digitised version of an article from The Cayman Compass's print archive. Occasionally, the digitisation process introduces transcription errors, or other problems.
See the article in its original context from November 1998.
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According to a release, the fund is designed to achieve long-term capital growth by investing in a global portfolio of international "blue chip" equities. "Blue chip" is defined as an internationally recognised company, often a leader in its field, with a lengthy history of profit growth and quality management. Equities will be those quoted on well-established stock exchanges.
This type of equity fund, states the release, is suited to an investor seeking long-term capital appreciation over a minimum period of five years.
The fund is the latest addition to the Butterfield Group of Funds, which includes the Butterfield International Balanced Fund. The new fund is managed by the Investment Department of Bank of Butterfield (Cayman), making it the first locally managed and administered blue-chip equity fund in the Cayman Islands, the release states. The fund also has been approved for listing on the Cayman Islands Stock Exchange.
"We are ecstatic about this new product," said Senior Manager Sheree Ebanks. "It successfully complements the existing Balanced Fund, and client interest has been overwhelming since the announcement of the fund."
Minimum initial subscription is US $5,000, with subsequent investments of US $1,000. The offer period is until 1 December, during which investors may subscribe with no front-end fee. The initial offer price is US $10.00. Valuation will be at the close of business every Tuesday, with dealing every Wednesday.
For more information contact the Butterfield Fund line at 914-5555, or collect a copy of the Butterfield Global Blue Chip Fund prospectus from any Butterfield branch. (BB)
