Friday, July 25, 2008

Bank of St Lucia launches wealth management fund

Published: Friday July 25, 2008

The Bank of Saint Lucia Limited has launched a wealth and asset management fund, with a top official hailing it as a visionary move.

"We have gone where no one has gone before in banking," said Robert Norstrom, the bank's General Manager and Managing Director of East Caribbean Financial Holding Company (ECFH) Limited.

He said the launch was the realisation of an idea that was born in January of 2006. At the time, Norstrom explained, the plan was to expand the international bank to Bank of Saint Lucia International. Plans were also in place to expand the ECFH subsidiary, EC Global Insurance, regionally and finally to review the Investment Banking Department to position it as a regional player.

The department is managing funds in excess of EC$200 million and Norstrom said it therefore reached a stage where it became necessary to streamline operations to provide customers with seamless service.

"Wealth and asset management is a very fluid business. The fluidity is derived by the constant rebalancing of investment portfolios to reflect ever-changing financial market conditions," said Mark Cadet as he took up his new position as senior manager of the bank's Wealth and Asset Management.

He added that the department's success would be dependent not only on its ability to take advantage of upswings and downswings of specific pricing instruments and overall market conditions, but also the availability of technology and the right personnel.

Bank of Saint Lucia's investment functions will be further strengthened with the launching of a full-fledged Brokerage and Merchant Banking subsidiary which will be the first in the region.

Source: Jamaica Observer

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