By: Suzell Wray

Mandeville, Jamaica- United Student Movement (USM) President, Ruel Haye says the Independent Hedge Fund initiative proposed to students during his campaign for the presidency is still awaiting approval from the Northern Caribbean University (NCU) Administration.

According to Haye, the independent fund, which could see $100,000 USD in capital introduction, is fully planned and organized and simply awaits approval and conversation from the university’s admin on its transition to a virtual environment for the upcoming academic year.

“The investors stand awaiting the initiation of conversation from the university. The plan is so intact that I can step aside as President and it can be undertaken but the university needs to reach out to make it happen.”

He further added that USM is looking to work excellently to cater to the needs of students even amidst the looming changes for the upcoming academic year.

“The virtual context is not difficult to manoeuvre and in our planning, we have looked at a contextual working which has upgraded the perceived outlook to a hybrid model, merging the virtual with the physical,” he explained.

According to Haye’s USM Presidential manifesto, with a goal of 100% profit monthly of the initial capital from the hedge fund, 10% will be given to the university, with 2.5% towards Infrastructural development, 5% to a student scholarship fund and 2.5%  towards the NCU Church building fund.

It also stated that the independent fund, which has no financial ties to NCU and by extension USM,  will also see 100 students being trained on how to trade both forex and stocks.

When asked if he could ascertain when the approval would be made in order to facilitate its active inception in time for the Fall semester, Haye informed the Hilltop Trumpet that he could not provide that information since it is now left at the admin’s discretion.

A hedge fund is an investment, typically formed as a private limited partnership, that engages in speculation using a credit or borrowed capital.