Volume 21 Issue 24: June 23, 2011 - fp Turks and Caicos
Volume 21 Issue 24: June 23, 2011 - fp Turks and Caicos
Volume 21 Issue 24: June 23, 2011 - fp Turks and Caicos
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p www.<strong>fp</strong>tci.com______________________________________________________________________________________________________________ <strong>June</strong> <strong>23</strong>, <strong>2011</strong><br />
f LOCAL<br />
▶ 05<br />
Scotiabank Investment Summit bears success<br />
PIMCO Vice President Kimble Skov, Scotia Private Client Group<br />
Investment Advisor Kevin O’Sullivan <strong>and</strong> Arrow Capital CEO<br />
Jim McGovern<br />
Two heavyweights in the financial<br />
industry visited the<br />
<strong>Turks</strong> <strong>and</strong> <strong>Caicos</strong> Isl<strong>and</strong>s last<br />
week, giving local investors insight<br />
into the current investment<br />
market.<br />
PIMCO Vice President Kimble<br />
Skov, whose firm manages<br />
$1.3 trillion in assets worldwide,<br />
gave TCI investors a bearish<br />
view of bonds. Arrow Capital<br />
CEO Jim McGovern explained<br />
why “hedge fund” are not dirty<br />
words. Arrow is one of the most<br />
experienced alternative investment<br />
fund companies in Canada<br />
with CAD $1.2 billion in assets<br />
under management.<br />
Scotia Private Client Group<br />
Investment Advisor Kevin<br />
O’Sullivan invited the two experts<br />
to an Investment Summit<br />
he designed to offer clients “more<br />
information” <strong>and</strong> confidence in<br />
investing in the currently volatile<br />
markets.<br />
O’Sullivan says he wanted<br />
to share global market insight<br />
with SPCG’s TCI resident investors.<br />
The goal was well achieved,<br />
thanks to clever presentations<br />
by McGovern <strong>and</strong> Skov that put<br />
often complex financial concepts<br />
into easily underst<strong>and</strong>able real<br />
world examples.<br />
After a rough past two years<br />
in financial markets, Skov <strong>and</strong><br />
McGovern preached safe investment<br />
practices that offer longterm<br />
gains by means of bonds.<br />
Skov said PIMCO’s outlook,<br />
based on in-depth industry<br />
analysis <strong>and</strong> insight from consultants<br />
such as Alan Greenspan<br />
<strong>and</strong> Gordon Brown, is mixed<br />
over the next nine months. “We<br />
are long-term investors,” he said,<br />
explaining the benefits of safe<br />
yield bonds.<br />
McGovern said his firm is<br />
focused on income generating<br />
vehicles over the next five years.<br />
This includes “diversifying like<br />
crazy,” which he said alternative<br />
investment funds can be good<br />
for.<br />
The one-day summit was held<br />
at the Regent Palms, closing with<br />
a roundtable discussion of which<br />
emerging markets are worth<br />
keeping an eye on, where the yen<br />
is going against the dollar <strong>and</strong><br />
what industries they see having a<br />
positive growth potential.<br />
O’Sullivan says the feedback<br />
received from clients was<br />
very positive, <strong>and</strong> the firm was<br />
pleased to bring the experts to<br />
the TCI.<br />
Earlier this month the Royal Fleet Auxiliary (RFA) Wave Ruler made a Regional<br />
Engagement Visit to Gr<strong>and</strong> Turk.<br />
Royal ship visits capital<br />
Gr<strong>and</strong> Turk was given the royal treatment<br />
this week when a U.K. naval ship<br />
visited the country’s capital.<br />
From <strong>June</strong> 16-20, Royal Fleet Auxiliary<br />
(RFA) Wave Ruler made a Regional Engagement<br />
Visit to Gr<strong>and</strong> Turk. This was<br />
the third time the ship has visited the<br />
<strong>Turks</strong> <strong>and</strong> <strong>Caicos</strong> Isl<strong>and</strong>s, the first being<br />
in July 2008 to Providenciales.<br />
During its four-day visit, Wave Ruler<br />
conducted Humanitarian Aid <strong>and</strong> Disaster<br />
Relief visits in order to enhance<br />
awareness of facilities available on Gr<strong>and</strong><br />
Turk, <strong>and</strong> to assist Wave Ruler in preparing<br />
to provide future humanitarian aid<br />
assistance should the isl<strong>and</strong> require it.<br />
The Wave Ruler assisted Gr<strong>and</strong> Turk<br />
in September 2008 when Hurricane Ike<br />
caused major damage throughout the<br />
isl<strong>and</strong>. Teams were deployed on various<br />
tasks, including restoring power to the<br />
isl<strong>and</strong>’s reverse osmosis plant, providing<br />
temporary roofing <strong>and</strong> restoring power<br />
to the health clinic, as well as distributing<br />
bottled water <strong>and</strong> food.<br />
Wave Ruler has previously been stationed<br />
in the Far East, Persian Gulf <strong>and</strong><br />
in the South Atlantic, supporting the<br />
Falkl<strong>and</strong> Isl<strong>and</strong>s, as well as working in<br />
territorial waters around the U.K.<br />
A significant part of the Royal Navy’s<br />
presence is patrolling the North Atlantic<br />
<strong>and</strong> Caribbean. Wave Ruler’s primary<br />
role is to provide support to the U.K.<br />
Overseas Territories <strong>and</strong> strengthen the<br />
U.K. government’s commitment in the<br />
region. This role includes providing regional<br />
support in the event of natural disasters<br />
such as hurricanes.<br />
Whilst at sea working in support of local<br />
defence <strong>and</strong> police forces, from a host<br />
of Caribbean nations together with the<br />
United States Coast Guard, Wave Ruler<br />
conducts maritime patrols.<br />
FirstCaribbean adds<br />
‘CIBC’ to name in<br />
co-br<strong>and</strong>ing move<br />
As part of a new co-br<strong>and</strong>ing exercise, First-<br />
Caribbean International Bank is adding its<br />
parent company name to its title.<br />
On <strong>June</strong> 20, FCIB announced that it will be<br />
br<strong>and</strong>ed under the CIBC banner by adopting<br />
the co-br<strong>and</strong>ed name of CIBC FirstCaribbean<br />
International Bank.<br />
FirstCaribbean’s parent company, CIBC, says<br />
the goal is for FCIB to be more closely aligned<br />
to the CIBC br<strong>and</strong>, while still maintaining the<br />
FirstCaribbean name <strong>and</strong> local identity.<br />
“By joining together the strong br<strong>and</strong>ing<br />
identities of both CIBC <strong>and</strong> FirstCaribbean,<br />
CIBC FirstCaribbean represents the proud<br />
heritage <strong>and</strong> uniqueness of the Caribbean<br />
backed by the financial strength of CIBC,<br />
one of the largest <strong>and</strong> best capitalized banks<br />
in Canada,” explained Michael Mansoor, the<br />
bank’s executive chairman.<br />
The transition to the new CIBC FirstCaribbean<br />
identity is expected to be gradual over the<br />
coming months as the CIBC FirstCaribbean<br />
br<strong>and</strong> is introduced to operations across the<br />
Caribbean region. “The addition of CIBC to<br />
the FirstCaribbean br<strong>and</strong> emphasizes CIBC’s<br />
long-term commitment to the Caribbean region,<br />
our employees <strong>and</strong> our clients,” says the<br />
bank’s CEO John Orr. “Our clients <strong>and</strong> our<br />
employees across the Caribbean will continue<br />
to benefit from the long-term investment that<br />
CIBC is making in the region that dates back<br />
to our first branches opened in 1920.”<br />
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