The Bahamas Securities Commission recently granted LOM a license to conduct investment business in Bahamas allowing this 70 strong financial services firm to expand their operations from Bermuda, Cayman and Guernsey to include Freeport, Bahamas. This allows the company to offer their high net worth clients geographical diversification and an additional convenience when investing offshore.
LOM's sophisticated in-house brokerage operations, a central component in the services that they provide, offers financial advisory and full brokerage services to their clients. All transactions are cleared in Bermuda, and financial records and account activities at the client level reside only within LOM's own computers, providing an important additional layer of privacy. This expansion therefore reinforces LOM's uniqueness of being "truly offshore", allowing the firm to offer a private and personalized service, access to global markets, increased investment opportunities, and effective financial planning to their client base.
This development also reflects The LOM Group's intention to increase its influence and strengthen their international positioning.
Scott Lines, Managing Director explains: "This move underscores LOM's strategic focus on building the world's premier offshore investment organization. We believe that the Bahamas, and specifically Freeport, will enjoy significant economic growth over the next ten years and LOM plans to be at the forefront in assisting the development of their financial services industry."
Craig Lines, General Manager of the Bahamas office adds: "We used three criteria in determining where to establish an additional office: stability of jurisdiction, potential for growth in financial services industry and quality of life for LOM personnel. Grand Bahama, and specifically Freeport, meets all of these criteria."
This new sales office is to be headed up by Craig Lines, the previous General Manager of LOM's Cayman office and brother of Brian Lines, President of LOM and Scott Lines, Managing Director.
"The LOM Group's systems have been developed to enable additional offices to be opened cost effectively using a secure Virtual Private Network which enables the branch offices to capitalize on the same investment products and tailored services as our head office in Bermuda," explains Craig. "Initially the Freeport office will have 3 seasoned staff members, relocated from Bermuda and Grand Cayman. We expect to increase staff to 5 financial advisors and 3 support staff within 2 years of operations."
The Bahamas, a country of 700 islands, has a history of a stable economy, steadied by the solid value of the Bahamian dollar which is on a par with the U.S dollar. The islands were a trust and tourist jurisdiction from very early in the 20th century, but only over the last 40 years has financial services increased in importance with banking as the leading sector.
The country offers a skilled work force and a high level of accessibility through a number of international airports and extensive ports with frequent connections to the U.S. mainland. Grand Bahama, is particularly well connected as it boasts a 200 square mile free trade zone, incorporating Freeport Harbour, a newly built container trans-shipment port able to take the largest vessels as well as Freeport International Airport, scheduled to under go major renovations in the near future. In addition, a newly laid fiber optic cable will bring high speed internet capacity and communications access to the island.
NOTE TO THE EDITOR:
Lines Overseas Management (LOM) was founded in Bermuda by the brothers Brian and Scott Lines in 1992. Their father, Donald Lines who was president and CEO of the Bank of Bermuda until 1994 serves as LOM's Chairman.
The company moved into their head office in the center of Hamilton, Bermuda in 1999 where their Trading and Clearing Operations, Asset Management and Corporate Finance subsidiaries offer a complete range of investment services to their strategically placed international sales offices.
Through the independent trading desk, LOM can offer their clients efficient trade execution as well as access to every major investment market in the world. Clients can invest in all securities instruments including equities, bonds, mutual funds, commodities and foreign exchange. LOM has a first class team of financial advisors and analysts on hand to offer premium personalized service and customized products to their high net worth clientele.
LOM Asset Management Limited is the fund management subsidiary of LOM (Holdings) Limited and provides discretionary and fee based asset management products and services to its clients. In addition, they provide mutual fund research and strategic asset allocation models to the parent. Products available include four in-house money market funds offering retail and institutional clients access to U.S. Dollar (AAAm rated by Standard and Poors), Canadian Dollar and Euro portfolios. Fixed Income discretionary portfolio management is an increasingly successful and growing part of our institutional service. The company also offers three LOM Mutual Funds - each a multi manager product - providing good value, disciplined investment strategies, for risk sensitive private client investors. Investors may select from Income, Balanced and Equity Growth portfolios. Our in-house economic research and investment publications, which may be viewed upon our website (www.lomam.bm) include Weekly Perspectives (a view of global economies), the Quarterly Investment Review (which includes our forward view of global stock markets) and LOM Global Portfolios (a quarterly report discussing market trends and LOM model portfolios). LOM Asset Management Limited is licensed to conduct investment business by the Bermuda Monetary Authority.
LOM Capital Limited, the corporate finance subsidiary, encompasses a scope of corporate services for client companies by becoming actively involved with 3 or 4 major financings per year (in excess of US$5,000,000). This usually involves due diligence, taking the company public, drafting offering documents and working with the relevant lawyers and accountants.
Along with these major deals, it also acts to source equity for growing companies as well as sponsoring companies wishing to list on the Bermuda Stock Exchange. The team can also provide public company shareholders with turn-around management and financial services.
LOM (Holdings) Limited is listed on the Bermuda Stock Exchange. Further details on the LOM Group can be obtained from its web site: www.lom.com
CONTACT INFORMATION
Lisa Lewis, Sales and Marketing Manager
The LOM Group, The LOM Building, 27 Reid Street, Hamilton HM11, Bermuda
Tel: 441 2925000; Fax: 441 2953343; Email: lisa.lewis@lom.bm
Craig Lines, General Manager of Lines Overseas Management (Bahamas) Limited
Lines Overseas Management (Bahamas) Limited, Suite 2, Southside Millennium House, Freeport, Bahamas
Tel: 1 242-373-9316; Fax: 1 242-373-9316; Email: craig.lines@lom.bm