The Securities Commission reprots that all Bahamas-domiciled investment fund categories, except SMART funds, have experienced “a decline in numbers” since year-end 2008, with their combined net asset value (NAV) dropping by 30 per cent in the 12 months to year-end 2009.
SMART funds, which were tailored to the Bahamian financial services industry’s private wealth management client base, increased by 61.5 per cent over the 18 months to June 30, 2010, rising from 177 at year-end 2008 to having some 286 registered earlier this year.
The regulator attributed this decline to the fall in value of investment fund holdings as a result of the global financial crisis, combined with the reduction in the number of Bahamian-domiciled investment funds.
