The growth rate of the financial services sector continues to be “very flat, according to attorney Brian Moree, who heads the government-appointed Financial Services Consultative Forum. <\/p>\n
“We’re not losing business in terms of statistics, but we’re certainly not gaining any,” said Mr. Moree during a round-table discussion on the Love 97 programme, “Jones and Company”, which aired on Sunday.<\/p>\n
“I know the financial services sector relatively well. I believe that we’re not scratching the surface of the potential that we could realize in the financial services sector if we are prepared to address a few fundamental issues.”<\/p>\n
But he said in order to address some of the issues at hand politicians have to be prepared to make decisions.<\/p>\n
“All of these decisions will not be popular with everybody and so they translate into votes,” Mr. Moree said. “And so what you really have is, unfortunately, a paralysis of the status quo because in order to break out of the status quo, someone has to be prepared to do what is necessary and make some hard decisions.”<\/p>\n
He said the present system of governance does not lend itself to this type of political leadership because politicians tend to think in five-year terms, which is considered by people in the private sector to be short to medium term.<\/p>\n
“The political leaders we have – unfortunately – seem to be married to the status quo,” Mr. Moree said.<\/p>\n
Minister of Financial Services and Investments Allyson Maynard Gibson said recently that the financial services sector was poised for tremendous growth.<\/p>\n
Minister Maynard Gibson was addressing participants in Ernst & Young’s 3rd Annual Investment Funds Symposium at the British Colonial Hilton Hotel on Friday on the current state of the financial services sector.<\/p>\n
At the time, she revealed that the number of funds in The Bahamas was up from 673 in 2001 to 834 in 2004; fund assets were up from $89 billion in 2001 to $834 billion in 2004; and mutual fund administrators were up from 58 in 2001 to 59 in 2004. The 2003 figure was 66.<\/p>\n
The Minister also said that securities investments advisors have decreased from 37 in 2001 to 32 in March 2005, but were up from 29 in 2002; Broker dealers were up from 13 in 2001 to 61 in March 2005; and the average salary in the sector in 2004 was $58,000.<\/p>\n
Source: The Bahama Journal<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"
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