• AML Foods Limited AML  + 6.95
  • Bahamas First Holding Limited BFH  + 2.46
  • Bank of Bahamas BOB  + 2.53
  • Cable Bahamas CAB  + 3.95
  • Commonwealth Bank Ltd. CBL  + 3.33
  • Commonwealth Brewery CBB  + 10.25
  • Doctors Hospital DHS  + 10.46
  • Famguard FAM  + 10.85
  • Finco FIN  + 11.38
  • FirstCaribbean CIB  + 15.99
  • Focol FCL  + 3.98
  • Focol Class B Perpetual Preference FCLB  + 1.00
  • J S Johnson JSJ  + 15.75
    ^IXIC 
    $10,983.78 
    ^DJI 
    $33,852.53 
    ^FTSE 
    $7,594.72 
    AAPL 
    $141.17 
    GOOG 
    $95.44 
    WMT 
    $152.97 
    AMZN 
    $92.42 
    CVS 
    $100.88 
    MSFT 
    $240.33 
    HD 
    $315.96 
Latest News   -

The Leno International Equity Sub-Fund Lists on BISX

LENO Successfully Acquires Bank of The Bahamas Trust Portfolio, Increases Assets Under Management to...

Trust Professional Dianne Bingham Named to Head New LENO TRUST

LENO help bring “Colours” to Bay Street

Leno donates to Regulators & Eagles Basketball teams

LENO’s Kudos to Cuda’s Swim Club

PM Congratulates Local Financial Services Entrepreneur – LENO Breaks Ground on 25 Million Corp...

Partner in Business Continuity Program Issues Commitment

LENO Head of Trust ‘COVID-19 Makes us aware of our vulnerabiliy, drives interest in estate pla...

Leno President Urges ‘Don’t Panic’, Out of Crisis Comes Opportunity

Leno Lauds Govt for Introduction of Digital Wallets for Social Services benefits

Leno Celebrates 10th Anniversary in Social Distance Style

Leno Marks 10th Anniversary with Pledge to Lead National Effort to ‘Put a Device in Every Child’...

Minister of Education thanks LENO LEARNING LINK donors, urges more to step forward to ‘put a table...

Colour it Selfless – Junkanoo Group Turns Its Annual Donation from Leno Back to Students, Putting ...

Information on transferring Bahamas Government Registered Stock from the Central Bank

Bamboo Shack, Bethel Brothers Morticians donate tablets

KFC, Dunkin’, Pizza Hut, Burger King, Myers Group Join Tablet Drive Urging ‘Let’s Put it Over ...

Citi, IOM donation enables students in poorest communities to attend virtual classes

Staff Appreciation Day

Leno President Urges ‘Don’t Panic’, Out of Crisis Comes Opportunity

PRESS RELEASE

LENO President ‘Out of crisis comes opportunity’

A leading financial services provider today urged Bahamian citizens, residents and investors not to panic but to look instead for new opportunities in the wake of the COVID-19 pandemic.

“We read the headlines daily. We follow reports of business concerns and closures. We understand the impact of higher rates of unemployment and the fear of uncertainty about how long that may last, but if I can send a strong, single message it is this – don’t panic. Out of crisis comes opportunity,” said Sean K. Longley, CPA, Founder and President of LENO, the financial and corporate services provider offering investments, trust, real estate and corporate services.

Leno’s own plans were put on hold when the March 17 lockdown to slow the spread of coronavirus was announced, holding up construction of its new $25 million, contemporary 5-storey glass and steel headquarters atop Collins Avenue. The Prime Minister officially broke ground on the ambitious project just weeks before COVID-19 slammed countries across the globe, filling hospitals, shutting down cities and putting plans for everything from attending school to getting married on hold.

“Our team has been meeting daily among ourselves via Zoom and with clients, assessing unfolding circumstances,” Longley explained. “The Bahamian fiscal reality is this: We had $1.8 billion in liquidity in our system before COVID-19. That is a very healthy amount though we knew even before this pandemic we were heavily dependent on tourism to maintain foreign reserves.”

With two-plus months of border closures, locks on hotel doors, empty air and sea ports, the flow of money out of those reserves to keep the islands supplied with foreign goods, supplies and essentials including oil to power electricity has vastly exceeded funds coming in to replenish the outgoing monies. Longley, whose company manages $800 million in assets, says that is not reason to panic, but a call to look at new, additional or different sources of revenue. Enhancing or replacing traditional sources of tourism-driven revenue is no longer a ‘pipedream for a future generation,” he said, but a must if The Bahamas is going to create a new pathway for commercial success going forward.

“Real estate,” he said, “construction, development, technology in education and in financial services – there are many avenues if we are open to accepting that this is a new environment and we do not want to sit back and ‘wait until things return to normal’ when we do not know what the new normal is or what it will look like.”

Among Leno’s options – an accrual vendors’ fund. Such a vehicle will allow a group of people to purchase and develop real estate or to invest in bonds or other securities. Leno handles mutual funds but says a proposed accrual fund would be for those who want to participate in a specific project.

For government and in the private sector where the right strategy is outlined, Longley does not rule out the wisdom of borrowing.

“Right now, borrowing that $252 million through the IMF which government has been authorized to do is a necessary evil,” he said. “In more traditional times with tourism our major breadwinner, it takes The Bahamas 18 months to recover from global setbacks, especially any setbacks that impact the U.S. as the 2008 great recession did. In this case, we do not know how long it will take but we know that our foundation is strong, our foreign reserves are healthy and we have to be prudent to maintain that position the best we can while we invest in new opportunities that arise as a result of crisis. We cannot cave when we know we are rich in resources, imagination and ideas with the ability to succeed.”

 


About Leno, Nassau, Bahamas

Founded in 2010, Leno is a fully Bahamian-owned financial services corporation that provides sound financial, fiduciary and investment advisory solutions to individuals, employers, advisors & institutions.  Located in Pineapple Plaza, Bernard Road, Nassau, Bahamas, the company maintains assets of nearly $1 billion under management. Products and Services include Trust & Fiduciary Services, Asset Management, Group & Individual Retirement Plans, Investment Funds, Brokerage & Trading, College Savings, Accounting & Payroll and Financial Planning.

Visit www.lenobahamas.com

Start The Conversation About Your Financial Future





    At Leno, we know that one size does not fit all. Our team of experts work to design the perfect plan for you. Let’s get you started on a future that you can be proud of...