Business

Eppley Fund Managers takes control of Fortress Caribbean

Friday, May 18, 2018

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Eppley Fund Managers Ltd has now assumed all investment management and advisory responsibilities for Fortress Caribbean Property Fund Limited SCC, following the completion of an agreement signed in January 2018.

Following a special shareholders' meeting held in February, the fund is now expected to be renamed the Eppley Caribbean Property Fund Limited SCC.

Eppley's Managing Director Nicholas Scott, who was in Barbados to conclude the transition, said, “We are pleased that the transaction is now final and we look forward to implementing our plans to create value for shareholders.”

He noted that Eppley intends to share its immediate and long-term plans for the fund with shareholders in the near future.

Managing director of Fortress Roger Cave in expressing optimism about the transaction, said the agreement received the full support of the Fund's Board. Cave will serve as a non-executive director on the fund's board.

Ultimately, Fortress reckons that the agreement will allow the company to focus exclusively on growing its core Caribbean and global fund management business.

“We still believe strongly in real estate as an asset class, particularly for long-term investors like pension funds, and we expect to continue as major investors in the fund,” he said.

Altman will continue to support the fund, providing property management, accounting and other administrative services. “

We are happy to know that the shareholders in the fund will be under the guidance of the Eppley team,” said Paul Altman, managing director of Altman. “They have achieved success in a variety of businesses and we would expect a similar level of success to be achieved with the property fund.”

Eppley Ltd is a listed investment company that originates and invests primarily in credit opportunities in Jamaica, the Caribbean and Central America for its own account and on behalf of its investors. Eppley also owns and operates commercial real estate in Jamaica alongside its joint venture partners. Eppley Fund Managers Ltd is a wholly owned subsidiary of Eppley Ltd.

In 2017, Eppley collaborated with NCB Capital Markets to launch the Caribbean Mezzanine Fund, the first mezzanine and credit fund focused on the Caribbean.

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