According to a release from the Bahamas Association of Mutual Fund Administrators (BAMFA), the mutual fund industry in The Bahamas has expanded, with firm prospects for a “very bright future”.

The number of funds based in The Bahamas currently stands at some 725, representing total assets under management of $94 billion.

BAMFA credits the expansion of the sector to speedy registration procedures, low establishment costs, a progressive regulatory environment – and a good work ethic among mutual fund administrators. Relevant legislation, including the Financial Transactions Reporting Act and Regulations recently introduced, is enhancing the industry and providing a high degree of credibility.

There are 75 licensed mutual fund administrators in The Bahamas. The Association reports a very open, direct line of communication with the Securities Commission of The Bahamas, for discussion on regulatory issues, from both guidance and input standpoints.