Dr. Gibbons told guests at a Bermuda Breakfast Briefing, organized by the Bermuda International Business Association (BIBA) that fourth quarter figures compiled by the Bermuda Monetary Authority indicate that the net asset value of collective investment schemes, which includes mutual funds, was now at $18 billion. Dr Gibbons also noted that 183 new vehicles have been established in the past year, representing a 27% increase.
Dr. Gibbons made the comments while addressing attendees at the FBA/ICIEH Mutual Funds Conference in Desert Springs, California. Some 160 guests attended this morning's Breakfast Briefing at the Marriott Desert Springs Hotel.
The Finance Minister was one of two featured speakers at the Breakfast Briefing. Bermuda Stock Exchange CEO William Woods addressed guests about using the BSX to list funds.
BIBA Chairman Tom Davis said that the Breakfast Briefing had been an outstanding success, with guests expressing keen interest in the information provided by Dr. Gibbons and Mr. Woods.
"We were able to advise our guests that, since we last spoke with them, Bermuda has taken a hard look at how it does business with its customers. Dr. Gibbons noted the work of the Corporate Matters Review Committee which has made recommendations regarding the procedures for the incorporation of companies," said Mr. Davis. " He also outlined changes which streamline the process for establishing certain types of funds in Bermuda.
"The overall message from the Finance Minister was that Bermuda cares about its customers and what they require and will be responsive to their needs.
Mr. Woods was able to provide an account of the phenomenal growth at The BSX and the advantages of listing a fund on the Bermuda Stock Exchange versus other exchanges such as Dublin or Luxembourg."
25 professionals from 16 firms in Bermuda travelled to the FBA/ICIEH Conference, considered the most important on the mutual funds conference calendar. A draw for a trip for two to Bermuda held at the end of the Breakfast Briefing was won by Linda T. Gibson, Vice President of Global Product Management at Signature Financial Group in Boston. The trip to Bermuda was provided by American Airlines and Princess Hotels International.
For further Information please contact:-
Wendy Davis Johnson
Executive Director
Bermuda International Business Association
Tel: 441-292-6032