According to Scotiabank, it is offering five core Scotiabank Mutual Funds in three asset classes that focus on securities from markets across the world. Photo: VINO

Managing Director of Scotiabank British Virgin Islands, Jason Waters said Scotiabank is the first bank in the British Virgin Islands to provide its own line of mutual funds, Scotiabank Mutual Funds, to investors so they can grow and diversify their portfolio with assets managed by the Bank. Photo: Scotiabank BVI

Scotiabank is currently upbeat about its new product to investors in the VI and sees it as a big opportunity for them. “It’s a new market for us as the fund company within Scotia, within new opportunities for clients to deepen their portfolio and deepen their relationship with Scotiabank and have different opportunities to create financial wealth for themselves.”

Mr Warrington said Scotiabank can now utilize the expertise that Scotia has around the globe to get the right investments for clients. “What it does is allow Scotia to offer the complete package. So you have got the other opportunities in the bank what the competitors can do. How does that differentiate Scotia bank? Well now you have the precious metals as well, you have gold and platinum and silver you can buy and having mutual funds as well now completes the product offering. You as a Scotia client can now do every aspect of your financial wellbeing within the bank.”

The introduction of the Mutual Funds to the VI has always been in the making, according to Mr Warrington, and noted that the fund company for the Scotiabank Mutual Funds is based in the Cayman Islands “and so as we developed as a company we have also developed into different markets. So right now we are available in Trinidad, Jamaica, Cayman Islands, Curacao and the BVI. We also have offshore advisors in Panama and Toronto that can also offer these products as well and are looking to go into Turks and Caicos next year.”

According to Scotiabank, it is offering five core Scotiabank Mutual Funds in three asset classes that focus on securities from markets across the world. They include Scotiabank Money Market Fund: a fund offering investors liquidity and preservation of capital by investing in high-quality US dollar short-term money market securities;  Scotiabank US Dollar Bond Fund: a core bond fund investing primarily in Canadian and U.S. government guaranteed and corporate fixed income securities;  Scotiabank US Growth Fund: an equity fund that invests in leading U.S. based companies with large market capitalizations; Scotiabank Global Growth Fund: a globally diversified equity fund that invests in companies in both developed and emerging markets; and Scotiabank Canadian Growth Fund: a core equity fund investing primarily in Canadian companies in across all sectors.

“Scotiabank is the first Bank in the British Virgin Islands to provide its own line of mutual funds, Scotiabank Mutual Funds, to investors so they can grow and diversify their portfolio with assets managed by the Bank,” a press release from Scotiabank quoted Mr Jason Waters, Managing Director of Scotiabank British Virgin Islands, as saying.

“Scotiabank Mutual Funds is the latest addition to the Bank’s expanding suit of investment products and tailored wealth management services in the country,” said Waters. “With deep roots and a more than 45 year history in the British Virgin Islands, Scotiabank is committed to developing products that meet our client’s investment needs and help them become financially better off.”  

Scotiabank recently launched precious metals services in the British Virgin Islands through its ScotiaMocatta leading global precious metals division. This was the first time a full-service bank offered investors the opportunity to buy and sell gold, silver and platinum products.

Meanwhile, Scotiabank BVI launched the sale of its Scotiabank Mutual Funds this morning, November 27, 2013 at Maria’s By The Sea.