Over the past century, Cave Shepherd & Co Limited has diversified its business from a traditional department store into new sectors and one of those has been the financial services industry.
Besides the Card Services unit, which is a wholly owned business and managed in-house, other companies in financial services with Cave Shepherd involvement include Fortress Fund Managers, Signia Financial Group Inc. and DGM Bank & Trust.
The Cave Shepherd Credit Card is wholly owned by the company. It is well established having been launched over thirty years ago. The Credit Card portfolio comprises a loyal cardholder base of some 39,000, making Cave Shepherd the largest issuer in Barbados.
Until recently, the card was issued to Cave Shepherd customers and was accepted only at Cave Shepherd’s Barbados stores. In the late 1980s, following the company’s decision to switch to a concessionaire system, the credit card’s acceptance was extended to the branches of the concessions which operated within the company’s Broad Street building. More recently, this facility have been extended to Carters General Store and DIGICEL Barbados.
Today, the card is evolving from its present role as a support vehicle to the Retail operations to a financial services product.
DGM Bank & Trust Inc.
Cave Shepherd acquired 40% in the international business company DGM Bank & Trust Group in 2008.
The Bank was established in 1996 and is licensed under Barbados International Financial Legislation. It is the parent corporation to a wide spectrum of professional service companies providing the following:
- Offshore Custody and Brokerage Facilities
- Investment Administration Services
- Tailored Investment Strategies
- Trustee and Protector Services
- Company Incorporations and Offshore Entities/Structures
- Corporate Administration
- Multi-Currency Web Banking Accounts
- Hedge Fund
- Mutual Funds
- Segregated 'Global Advisory' Accounts (Wrap Program)
The company currently has over US$450 Million under management and administration.
For more detailed information, please visit www.dgmbank.com.
Fortress Fund Managers
Fortress was established in 1996 by a partnership with Barbados Shipping & Trading Limited and the Nation Corporation.
- Cave Shepherd Co. Limited 60%
- Nation Corporation
- Island Securities Ltd
Fortress offers a range of funds and investment products to all levels of investors.
- Fortress Caribbean Growth Fund, investing mainly in equities in the Caribbean region.
- Fortress Caribbean Property Fund Limited investing mainly in real estate and structured as a closed-end fund.
- Fortress Caribbean High Interest Fund investing mainly in fixed income instruments.
- Fortress Caribbean Pension Fund Limited was created to offer defined contribution pension plans a more effective way of managing plan assets.
- Fortress Global Value Fund is a US Dollar fund is domiciled in the British Virgin Islands. It offers the opportunity to invest internationally with low management fees, unique value investment strategy and philosophy and professional management.
- Fortress Personal Retirement Plan is a Registered Retirement Savings Plan (RRSP) that was introduced in December 2007, through Fortress Insurance Company Ltd.
For more detailed information, please visit www.fortressfund.com.
Signia Financial Group Inc.
Signia was launched in 2003, by a partnership with United Insurance Co. Limited and Grace Kennedy & Co Limited:
- Cave Shepherd & Co. Limited 40%
- United Insurance Co. Limited 20%
- Grace Kennedy & Co. Ltd 40%
Signia's services include:
- Personal Finance – Loans, Deposits, RRSPs
- Commercial Finance – Business Financing, Lease Financing, Corporate Deposits, Foreign Exchange Trading
- Investing – Stock Brokerage, Mutual Funds, Market Research
For more detailed information, please visit www.signiafinancial.com.