From Guardian Media

As part of its ongoing commitment to our unit holders, the Unit Trust Corporation (UTC) is streamlining its operations to meet market changes, by pursuing opportunities that not only enhance its competitiveness but complement unitholders’ investment strategies.

In a statement the UTC said its Cayman Islands registered funds which comprises the Asia Pacific Fund, the Latin American Fund, the European Fund, the Global Bond Fund and the Energy Fund, have been severely affected by global economic challenges and have not performed up to expectations. In addition, after five years of operation the funds have not grown sufficiently to be able to sustain their full operating costs, having only attracted 902 investors who hold less than US$6 million in the five funds combined.

This is in comparison to the Growth and Income Fund, which has over 235,000 investors who hold investments of over TT$4 billion in the fund. “In light of this, the board has taken the decision to close these particular Cayman Funds,” the UTC said.

“We have also responded to changing market needs and are currently exploring bringing a new fund to market, in response to unitholders’ preferences and in keeping with our strategic intentions to provide value for unit holders. We intend to tighten our focus on the funds that our Unitholders have embraced and which continue to grow while eliminating funds that our unitholders do not find attractive.

“The Unit Trust Corporation, as part of its strategic plan, has focused on ensuring that resources are appropriately aligned to address the needs of our customers and to position the Corporation for future growth. We intend to continue to make decisions that support our strategic objectives and complement our core mission of providing appealing investment alternatives for the people of Trinidad and Tobago.”

For more on this story go to:

http://guardian.co.tt/business/2013-11-10/utc-closes-cayman-funds