PM Congratulates Local Financial Services Entrepreneur – LENO Breaks Ground on 25 Million Corporate Centre
Posted by Gerrad Harris-Smith | February 10th 2020
PM Congratulates Local Financial Services Entrepreneur, LENO Breaks Ground on $25 Million Corporate Centre
An all-Bahamian firm that began just under a decade ago with a vision to fill a gap in Bahamian financial services celebrated its upcoming 10th anniversary this morning breaking ground on its new corporate headquarters, a $25 million glass and steel structure atop the highest elevation on Collins Avenue.
On hand to turn the symbolic first shovel along with LENO Group of Companies Founder and CEO Sean K Longley was Prime Minister Dr. Hubert Minnis. Business and civic leaders and other members of government including Minister of Works Desmond Bannister, retired Supreme Court Justice Sir Hartman Longley, Bahamas Chamber of Commerce and Employers Confederation Chairman Khrystle Ferguson and Chamber CEO Jeff Beckles topped the list of dignitaries and guests.
“This is a momentous occasion for LENO Group of Companies. More importantly, this groundbreaking signifies something far greater than a celebration of our achievements in the 10 years since we opened LENO with a plan and a vision. This groundbreaking reflects our unwavering confidence in the underlying strength of the Bahamian economy and acknowledgement of the growing sophistication and involvement of Bahamians in our own financial investment and management.”
According to Longley, it also represents the ability of a Bahamian firm to provide services to other jurisdictions, a product outreach, he says, that is often underplayed. That outreach has helped to account for some of LENO’s growth.
The firm has moved quietly from largely being a pension administration provider to a wealth of services and from a staff of a few to a full-time complement of 20 professionals. Late last year, it added trust services and announced the buy-out of Bank of The Bahamas trust book of business. Now as LENO Group of Companies, it has expanded from offering pension administration, investment management and brokerage services to providing back office corporate services, fund management, financial consulting, trust services and real estate. Future expansion calls for a move into Asian markets in the 4th quarter of this year, continuing penetration in LATAM (Latin America region territories, states and countries) and the launch of an expanded product shelf for local investors.
The 5-storey, 50,000 square foot, energy efficient building was designed to take advantage of the views from one of the highest points in The Bahamas. LENO said it has committed to all-Bahamian contractors and sub-contractors during the project. Well-known architect Wellington Woods noted that specs comply with the government’s recent amendments in its approach to energy. General Contractor if Compass Construction Ltd.
LENO Corporate Centre is expected to provide 150-200 construction jobs with a mid-2021 completion date targeted. Once completed, LENO Group of Companies will occupy the top floor with remaining space available for leasing. LENO’s Hartman Longley, Jr., a real estate broker and a director of the Bahamas Real Estate Association, will be the official leasing agent.
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.