Local pros back young Caymanian investment firm
(CNS): Two local finance companies are putting their weight behind a group of young Caymanians in a bid to launch them into the world of investment and high finance. Saxon Administration Ltd and its affiliate company dms Corporate Services Ltd are mentoring a group of former John Gray High School students and helping them set up and incorporate the Caymanite Organization. The two firms will be lending their support and advice tot he group of 19-23 year olds as they try their hand in the investment industry with their company which started earlier this yea as well as waving the usual incorporation and service fees.
The local firms say they will be offering some tricks of the trade as well as financial support to set up the firm officially on 31 August.
“It is our pleasure to lend our industry expertise and assist this budding group of entrepreneurs to get their structure off the ground and learn how to identify potential profitable opportunities,” said dms Senior Financial Analyst Craig Scott.
CEO of Saxon Brian Williams said the youngsters had needed to put together a formal structure for the purposes of investing and a corporation would provide maximum flexibility allowing them to do more than stock market investing, but also generate local business opportunity. With the fees associated with setting up a business often posing as an obstacle, both companies elected to absorb the costs and offer their services free of charge to ensure that the young professionals could capitalize on the opportunity.
Executives from the companies also serve as advisors to The Caymanite Organization, which already has a board of directors and an executive team, and identified two key objectives for this endeavour; to invest in the global stock markets and private businesses and events locally.
Demonstrating a long-term commitment to this venture, each shareholder is committing $100 every month from their own pockets, and has signed on to honour the contract whereby they cannot redeem or withdraw funds for a minimum of five years.
“Providing local youth with the insight and expertise to steer their future has been a practice inherent to Saxon for several years,” Williams said. “This particular group has already made great strides in mastering a sound understanding of what lies ahead once the corporation is formally set up, and we look forward to continuing on this journey with them. What I have found very impressive is the level of reception that we continue to receive by Cayman’s young people to get in the driver’s seat and secure their future.”
This endeavour comes on the heels of the first installment of the Saxon Investment Competition whereby Saxon coached 75 year 10 to 12 high school students during a six-month investment competition whereby they chose, analyzed and hypothetically traded stocks in accordance with real-time stock market information
Category: Business
