Eastern Caribbean Central Bank Governor backs UTC GBFL’s US dollar balanced mutual fund launch in Saint Kitts and Nevis

The Eastern Caribbean Central Bank reported that Governor Timothy N. J. Antoine congratulated Unit Trust Corporation Global Balanced Fund Limited (UTC GBFL) on launching a US dollar-denominated collective investment scheme in Saint Kitts and Nevis, framing it as supportive of financial inclusion across the Eastern Caribbean Currency Union (ECCU). The product is marketed as accessible to retail investors, with a minimum initial investment of USD 100 and subsequent investments from USD 20. UTC GBFL’s balanced mutual fund invests in international stocks and regional and international bonds, and the Governor welcomed the firm’s digital onboarding platform. He linked the launch to the ECCB’s “Big Push” wealth-creation agenda, citing the ECCB’s 2022/2023 Financial Inclusion and Literacy Survey finding that 4.0% of people in the ECCU invest in the Eastern Caribbean Securities Market, against a “Big Push” ambition of at least 20.0% over the next decade. The release also noted that UTC GBFL is the first mutual fund launched in the ECCU, and that both UTC GBFL and the Eastern Caribbean Central Securities Depository, as custodian, are licensed and regulated by the Eastern Caribbean Securities Regulatory Commission under the Securities Act of 2001.