April 18, 2007 — Globalvest Management Co., one of the territory's major investment firms and an Economic Development Commission beneficiary, is closing up shop.
"Mr. Gruber is retiring," company spokeswoman Georgeann McNicholas said Wednesday, referring to Globalvest President Peter Gruber. She declined to provide more information until she spoke with Gruber.
"Mr. Gruber is an extremely private person," she said, later calling back to say that Gruber wouldn't allow her to say anything more.
McNicholas declined to say when the company was closing, as well as how many people worked at the company, but she did say the V.I. Labor Department had been notified of the closing.
Labor Department spokeswoman Janelle Gumbs said that the department did receive notice and that the closing date was June 30.
EDC Director Frank Schulterbrandt did not return several phone calls requesting comment.
It remains unknown whether Gruber plans to keep the Virgin Islands as his primary residence.
According to Globalvest's website, the company moved its operations from Berkeley, Calif., to St. Thomas in 1995. It specializes in global developed and emerging markets. The website indicates that the magazine, Latin Finance, called Gruber the elder statesman of Latin American investing.
As of Jan. 31, Globalvest managed about $318 million in assets, according to the site.
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