USM hedge fund rejected- Union Treasury says university cannot be financially involved at this time
President of the Northern Caribbean University’s United Student Movement, Ruel Haye.
By: Suzell Wray
Mandeville, Jamaica- United Student Movement (USM) President, Ruel Haye has been informed that his Independent Hedge Fund promise has been rejected after being escalated to the Jamaica Union Treasury Department.
The President was informed by a member of the university’s administration via email that the Union’s Treasury had advised that the university cannot be involved in this financial initiative at this time.
In an interview with the Hilltop Trumpet on Thursday, August 20, 2020, Haye described that he feels stuck between a rock and a hard place as he desires to see students benefit greatly from this initiative especially with the current financial circumstances.
“I find it difficult to believe that the Union’s only interest in advancing and becoming current is from the angle of evangelism. The prominence of such a model only shows that we capitalize on baptizing the poor and they remain in the same state even as they affiliate themselves with our institutions.”
Haye added that this approach does not reflect the vision of the university’s affiliates.
“The holistic outlook of the vision that the Union, the university and USM share doesn’t present such a reality, and we believe this will not be displayed as it isn’t aligned with our philosophy.”
Haye has since responded with a letter requesting a meeting with the necessary individuals to further discuss the fund and provide further clarity where needed for its inception to be realized.
The letter explained that the university’s role is not a financial one since investors will be sourced from major companies like Blueberry Markets and Top Trader Academy to facilitate the USD 100,000 capital needed for operations to commence.
Meanwhile, Haye told our news team that if the Union still refuses to come on board, the movement will be facilitating a discussion with the University of the West Indies (UWI) Guild President, Sujae Boswell for a possible partnership in the venture.
“We will be finding out if his university has the requisite advancement that would accept the Hedge Fund plan with its current provisions and can be facilitated as the engine to drive it so that the students of the Northern Caribbean University can also benefit.”
Haye noted that The UWI is the only university in Jamaica to have a finance lab with a Bloomberg terminal.
According to Haye’s presidential manifesto, the hedge fund initiative could see 100 students being trained on how to trade both forex and stocks.