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LOM Group Announces Reorganization Of Caribbean Operations
Hamilton, Bermuda – 14 January 2010 – LOM (Holdings) Limited (Ticker: LOM.BH) announced that it will reorganize the group’s operations in the Caribbean.
“After an exhaustive review of our regional operations, we have decided that it is in the best interest of our clients and shareholders to support the entire Caribbean region from one office. Therefore, we have determined that Nassau, Bahamas will be our new regional hub. LOM has had an office in the Bahamas since 2001,” Nassau General Manager Craig Lines said. “Uniting our entire Caribbean sales team in once place will allow us to more efficiently manage clients throughout the Caribbean, Central America and South America.”
The Cayman office will close as of the 31st March 2010.
Existing customers of LOM Securities (Cayman) Limited will be given the choice of moving their accounts to either Bermuda or the Bahamas and LOM will do its utmost to make the transfer as seamless as possible.
The captive insurance and trust programs will be serviced from the headquarters in Bermuda. Portfolio Managers and Advisors will be making regular visits to the island to meet with the captive managers, lawyers and auditors that service our clients. In addition, LOM Asset Management will continue to support the Insurance Managers Association of Cayman (IMAC) and will be exhibiting for the eighth year in a row at the 2010 Cayman Captive Forum.
Beginning April 1st, 2010 all communication will be redirected to Nassau and any remaining Cayman customers will be serviced out of the Bahamas office until they can be transferred as per client requests.
All of the staff and financial advisors in the Cayman office have been offered the opportunity to relocate to our Bahamas or Bermuda offices.
“While LOM regrets this move after 15 years of being in Grand Cayman, it is part of a wider review of our strategy regarding overseas offices, offshore costs and ultimately reflects the realignment of the offshore investment environment over the past few years.”
About LOM:
The LOM Group is an offshore international financial services company, providing a complete range of investment services and products through its regulated subsidiaries in Bermuda, Bahamas and a marketing office in London, England. In business for over 17 years, LOM today provides brokerage, asset management, and corporate finance services to its primarily high net-worth individual and institutional customers in over 75 countries around the world. The parent company, LOM (Holdings) Limited, is publicly listed on the Bermuda Stock Exchange (symbol LOM.BH). The consolidated group has a strong, debt-free balance sheet.