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Friday, January 9, 2026
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RF targets $175m growth to near $1bn fund assets BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
• Investment bank eyes billion dollar breach by 2027 A BAHAMIAN investment bank yesterday revealed • Targets ‘very aggressive’ it is targeting $175m total growth for its mutual fund $50m US$ fund expansion family this year with the aim of breaching the “very impor• Expands staff to near 100 so tant milestone” of $1bn in assets under management by it ‘doesn’t drop the ball’ 2027 at latest. David Slatter, RF Bank & Trust (Bahamas) vice-president of investments, told Tribune Business that it is seeking to grow collective assets managed by its Bahamian dollar and US dollar mutual funds to $950m by 2026 year-end through a combination of $100m in organic expansion and the injection of $75m in new investor monies. Speaking after the 2005 full-year returns generated by its Bahamian equities fund exceeded expectations despite concerns of an American-fuelled tourism
slowdown, he pledged that RF Bank & Trust this year plans to be “very aggressive” in growing its three US-dollar mutual funds through a targeted $50m growth in assets under management. And, to ensure the Bahamian-headquartered investment bank does not “drop the ball” on its growth and expansion targets, Mr Slatter told this newspaper that staffing levels are now close to 100 persons split between its Nassau, Cayman Islands and
Barbados offices following a recent recruitment push. Disclosing that RF Bank & Trust is aiming to match the 2025 returns generated by its mutual fund family this year, he said: “We’ve got an objective of growing assets under management by $175m this year in total - $100m from the mutual funds themselves and $75m by bringing in new clients.” Asked how quickly RF Bank & Trust’s investment funds will hit the $1bn assets
THE proposed Mayaguana port’s first phase will involve a $300m investment over a fiveyear period, it was disclosed last night, with the Government and a development fund for that island combining to own a majority 51 percent equity stake. Global Lead Consultant Group, the primary private sector entity involved in the public-private partnership (PPP) with the Government, in response to written Tribune Business questions confirmed that itself and others will hold the remaining 49 percent
Crackdown on late tax exchange filing BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Finance and financial services regulators are poised to launch a crack down on licensees who fail to file their annual tax information exchange reports on time in a bid to protect The Bahamas from further international scrutiny. The Securities Commission, in January 7, 2026, notice to its broker/dealer, corporate service provider, investment fund and digital assets licensees, warned that itself - along with the ministry and other regulators including the Central Bank,
interest although much work remains to be done before any ground-breaking can take place. The newly-created firm, which affirmed that a “feasibility study” has already been conducted on the potential for developing a cargo, logistics and transhipment hub on the south-eastern Bahamas island, said the project had been conceived as far back as 2018 with work starting in earnest in mid-2020 during the COVID pandemic. Acknowledging that it was in “the infancy stages” of obtaining all the necessary permits and approvals for the development, including
environmental, construction and planning permits, Global Lead Consultant Group said the PPP agreement with the Government was “recently executed”. And, when asked to respond to sceptics suggesting that the PPP will suffer the same fate as previous similar projects, such as the planned $1.8bn I-Group venture, especially given the lack of necessary infrastructure and minuscule workforce on Mayagauna, the private sector partner said its Bahamian management and investors have a “vested interest” in executing on the plan and it
Insurance Commission and Compliance Commission - will begin to impose fines and penalties on those who fail to submit the necessary filings by the due date. Referring to the “historical and persistent issue of late filings” when it came to compliance with the Automatic Exchange of Financial Account Information Act 2017, the Securities Commission said: “Over recent reporting periods, the Competent Authority (Ministry of Finance) and designated supervisory authorities have observed a continued pattern of filings being submitted after the deadline prescribed by the Act. “These filings are critical to the effective oversight of regulated entities and to The Bahamas’ ability to meet its domestic and international regulatory
COMPLIANCE - See Page B5
Mayaguana residents: Port project is ‘slap in the face’ BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Government’s announcement of a $300m public-private partnership (PPP) to develop a Mayaguana cargo port was yesterday said to have left many island residents blindsided with some describing it as a “slap in the face”. Vincent Murphy, Mayaguana’s chief councillor, said that - while residents are open to investment and development - the community should have
been consulted beforehand, with Town Meetings held to gather residents’ input, concerns and suggestions on how the PPP project should proceed. Speaking to Tribune Business, Mr Murphy described the Government’s approach as disrespectful, calling the public announcement a “slap in the face”. He said: “Mayaguana welcomes all investors, but the Government should have gone about it a different way. “We were just waiting for the Prime Minister [Philip
DEVELOP - See Page B4
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Charter fee snafu hurts compliance, creates ‘liabilities’ • Association urges DIR resumes collection, not Port • And calls for four separate cruising permit durations • Consolidate anchorage fee, segment fishing permit By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
is “imperative we succeed” to open doors for others. The Government, in announcing a PPP venture that it billed as creating 2,000 full-time jobs once fully operational, said the project would be developed in three phases, with the first featuring construction of a “temporary marine offloading facility” and a deep water port. “The estimated cost of phase one is $300m and will take five years from when we break ground,” Global Lead Consultant Group this newspaper. It did not mention the latter two phases,
THE GOVERNMENT is being urged to restore the Department of Inland Revenue’s responsibility for collecting foreign yacht charter fees amid fears the present system is “undermining compliance” and creating multiple “failures” including “overpayments and unresolved liabilities”. The Bahamas Charter Yacht Owners and Managers Association, in a January 7, 2025, letter directed to Cabinet ministers, MPs and policy advisers called on the Government to “clarify compliance pathways” for charter captains over payment of the legally-mandated 14 percent fee which is now being collected and administered by the Port Department. The Association, submitting a number of proposed reforms as its contribution to the Government’s review of the new and increased boating fees, argued that charter boat and yacht captains need “clear points of contact” for “trouble-shooting and compliance support” when problems occur in paying the legally-mandated fee to the Bahamian authorities. The Davis administration, in a bid to slash bureaucracy and red tape, and improve fee collection efficiency and convenience, eliminated the requirement for foreign yacht charters to make two different payments - a 4 percent fee direct to the Port Department, and 10 percent VAT to the Department of Inland Revenue in the 2025-2026 Budget. This was consolidated into one 14 percent levy, payable to the Port Department, which took effect from July 1, 2025, but the Association argued that this created a whole new set of problems that “contribute directly to charter vessels exiting the region” and lead to The Bahamas - especially the Family Islands - missing out on significant revenue and economic activity. “VAT collection and administration for charter vessels should return to the Department of Inland Revenue (DIR), which is
PORT - See Page B5
PAYMENT - See Page B4
DAVID SLATTER under management benchmark, given that these stood at around $820m at year-end 2025, Mr Slatter acknowledged that - while 2026 remains a possibility - it is more realistic to think it will happen next year. “I would say the $1bn mark, it would be great if it was 2026, but we’re definitely eyeing 2027 to get to
INVEST - See Page B6
‘Success imperative’: $300m Mayaguana port’s first phase BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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