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Firm launches Cuba fund
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January 29, 1997: 10:47 a.m. ET
New fund will focus on Canadian companies with operations in Cuba
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NEW YORK (CNNfn) -- Fidel Castro might not be the Adam Smith of the Caribbean basin, but that hasn't stopped an investment company from launching a mutual fund to capitalize on emerging growth opportunities in Cuba.
The fund, operated by Bahamas-based Ecomatrix, plans to invest in medium-sized Canadian companies with substantial business interests in Cuba. Unlike in the United States, where companies are prohibited from dealing with the Communist regime, Canadian firms are backed by strengthening economic ties between their country and Cuba.
Fund manager Charles Villeneuve told the Financial Times on Wednesday that the Cuba growth fund has already received $37 million from institutional investors in Canada. The minimum investment is about $180,000. "The goal is ($370 million)," he said. "We think there is a market for that."
That might be good news for most international investors, but not those in the U.S., where investors are prohibited from investing in the fund because of trade sanctions between the U.S. and Cuba.
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