A Bahamian financial services provider said it was targeting between $500 million to $1 billion in asset-backed real estate securities investments for its newly-launched mutual fund, and seeking to expand its staff by up to 50 per cent.
David Kosoy, chairman and chief executive of the Sterling Financial Group, said the New Providence Income Fund had already generated a “tremendous, unbelievable” response from potential institutional and retail investors, aided by the “past record” and returns generated by the company’s two existing investment funds.
Pointing to his 40 years of real estate development and financing experience, primarily in the US, Canada, the Bahamas and Turks & Caicos, Mr Kosoy told Tribune Business that Sterling’s New Providence Income Fund aimed to be “an asset lender” in the area where he and the company had greatest expertise.
Explaining that the ‘post-credit crunch’ struggles in many US and onshore financial markets meant it was “an ideal time” to launch the Fund, Mr Kosoy said no investment/asset manager had “performed better” than Sterling over the past five-six years.
Annualised returns for the two funds operated under New Providence Capital Management Partners, run by Sterling and which offers residential and commercial real estate project mortgage loans in the Bahamas and North America, were said to be 10.3 per cent and 12.3 per cent, respectively according to the company’s website.
