The Unit Trust Corporation (UTC) will be creating more space
at its Port-of-Spain offices to improve customer service and
plans to expand along the East/West Corridor.
Executive director Michael Alexander said about $100,000 will
be spent to add more cubicles to the mezzanine floor at its
Independence Square, Port-of-Spain, head office to accommodate
more customer service representatives.
This physical transformation should take place by the end
of August, Alexander said.
Speaking after the UTCs annual general meeting at Queens
Hall, St Anns, last week, Alexander was responding to
an investors complaint that it takes up to an hour to
see a customer service representative.
He said apart from the UTC toying with the idea of opening
the branch at Westmoorings for two hours longer consideration
is also being given to opening on Saturdays for limited hours.
He said a solution has to be found to deliver improved service
for 511,000 UTC account holders.
have responded very positively to the idea, Alexander
said of the option of opening on Saturdays. I want to
do that in the third or fourth quarter of this year.
The UTC is also looking to tap into the East/West Corridor
looking at opportunities on the Eastern Main Road from Curepe
to Tacarigua, Alexander said. I dont know
where well end up. We have to service that area.
Alexander said, too, that the UTC now had formed a property
development company to manage those buildings it owns in Tobago,
Arima, Chaguanas and San Fernando,
dont own our building in Couva, and Im looking
at the possibility to expand in Couva, Alexander said.
with Chaconia manager
executive director Michael Alexander has expressed satisfaction
with the performance of the manager of the Chaconia Fund,
the Unit Trusts US-domiciled income and growth mutual
market in the US has not improved, he said. Mutual
funds are under the gun in the States. We are satisfied that
this asset manager is doing a quite good job.
The Chaconia Fund is managed by Paul Vieira, the CEO of Earnest
Partners, an Atlanta-based fund management company.
Alexander said the UTC had instituted asset managerial change
18 months ago although the funds web site indicated
that Vieira had been managing the Chaconia fund since July
The fund, which now stands in excess of US$20 million, has
not lived up to expectations, according to Alexander.
at inception, one would have thought in terms of a US$50 million
or US$100 million type of fund. One would expect a fund like
that to grow to US$100 million within a five-year span,
Alexander said. This has not happened and the timing
could not be worse in terms of the market performance in the
Alexander said the original marketing strategy for the Chaconia
Fund was aimed at the wider West Indian diaspora.
thought the wider West Indian diaspora would have gravitated
towards the fund and that has not really happened in the States,
and we have not been able to go into the indigenous markets,
a la Washington, Miami, because the SEC (Securities and Exchange
Commission) prohibits open advertisement.
He said the UTC may have to use a US-based broker in a different
type of way.
Alexander said one strategy may be to link the fund
with a family of funds to be sold with a family of other funds.
are opportunities for us to market the fund in the wider region,
meaning up and down the Eastern Caribbean, and in Jamaica,
THE Unit Trust Corporations headquarters at Independence