Published: Monday September 13, 2008
CLIENTS OF CARIBBEAN BROKERAGE HOUSE Caribbean Money Market Brokers (CMMB) can breathe easy because their investments are not exposed to the current economic meltdown affecting the United States.
That was the assurance from CMMB's regional manager Sean Spiers, who maintained that steering clear of stock-market equities and bonds backed by mortgages had kept the brokerage firm safe.
"We invest largely in government bonds and corporate bonds. We do not invest in equity . . . . We feel that our portfolio is quite secure and our clients really don't have anything to worry about," he said.
CMMB has an expressed mission to create, develop, educate and nurture capital markets in the Caribbean, and last Friday Spiers was considering the firm's status within the current global financial crisis.
He explained to BARBADOS BUSINESS AUTHORITY that at least 70 per cent of CMMB's investments were within the Caribbean, "so we do not have a large exposure to United States corporations" and investments in sovereign paper "are well diversified across quite a number of countries".
CMMB's operations cover Barbados, Trinidad and Tobago, and St Lucia with offerings that include fixed income paper, a Barbados-dollar money-market account and a United States-dollar money-market account.
Spiers said the firm's Barbados operation did not embrace any United States-dollar investments.
Source: Nation Newspapers
http://www.nationnews.com/story/304530983964559.php
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