LOM Financial Ltd has bought a building to host its Bahamas office.
And Scott Lines, the company’s chairman and chief executive officer, believes that smaller boutique financial-services firms like LOM can gain market share as larger players withdraw from offshore markets.
The Bermudian-based financial-services firm’s Bahamas operation has been overseen by principal Craig Lines since 2001 and has a staff of five.
The purchase of the new office, named LOM House, was marked with a traditional Bermuda roof wetting.
Scott Lines told The Tribune newspaper in the Bahamas that the withdrawal of larger operations offered opportunities for smaller firms.
“What we see happening in the offshore world is the shrinking and the withdrawal from some of the traditional players due to regulatory pressures from overseas,” the CEO said.
“Some banks are making the decision to withdraw, purely for public relations reasons to avoid risks to their reputations.
“Some of the larger institutions are pulling out or narrowing their services, and niche and boutique operations such as our own are able to gain market share by catering to these people looking for services such as trading, good steady investment management, as well as face-to-face contact in the jurisdictions in which they live and work.”
The company was pleased to have deepened its links with the Bahamas through the purchase of the building, Craig Lines said, adding that the country was “a significant and growing financial hub”.
“Over the last several years we have spent a considerable amount of time and money developing internal systems that now provide what I believe to be the best offshore private banking platforms in the Bahamas with a global reach,” Craig Lines said.
“We have operations and staff in five countries that cover all time zones, an asset management team that consistently and conservatively beat the indexes in their sector. The purchase of this building is an indication of our commitment to and belief in the Bahamas and her people.”
Scott Lines said: “Bermuda’s links with the Bahamas are numerous and substantial and it’s often remarked that we are essentially cousins, separated by 850 miles of ocean but linked historically, culturally and economically.”
During his speech to the crowd at the roof wetting, Scott Lines spoke on the changing nature of offshore business and the need to continually step up and meet global requirements.
“LOM’s central objective is to provide great service with understandable and solid investment strategies to deliver consistently good performance. We believe that is what will succeed in the offshore world. That is our goal and it is what we deliver,” Scott Lines said.
LOM was recently named the 2017 Best Wealth Management Company Bermuda winner by Global Banking & Finance Review. Presented annually, the awards recognise innovation and achievement within the global financial community and are open to institutions of all sizes.
Scott Lines said: “LOM is honoured to receive the 2017 Wealth Management award. We have our talented and experienced team of advisers and asset managers to thank for this achievement. It’s been a year of growth for us, particularly with our expansion into Grand Cayman.”
He added: “We have a positive outlook for 2018 and are going to focus on expanding certain lines of business into new Caribbean markets. We hope to sustain this momentum well into 2018 which will mark 25 years in business for LOM.”