This week's seminar forms part of an effort to rectify the situation. "The idea was to create awareness of the opportunities in this area and to bring this to the notice of local professionals," explained Christopher Labrow, Chairman of the Gibraltar Association of Stockbrokers and Investment Managers, "The industry is now developing from a standing start and we want to accelerate the growth. The growth of a funds industry will be to the benefit of the professional community in Gibraltar involved in investment management, legal work, tax planning, trusts, auditing, IT, banking, custody etc. Everyone will benefit from a thriving funds industry.

"It is difficult to overemphasise the importance of funds. If we can grab even a small part of what is a huge industry in other jurisdictions, it will have a significant impact on Gibraltar. Gibraltar has a significant opportunity. There is time, but we need to grasp the nettle."

Other speakers were Hassans partner Nigel Feetham and Jean-Louis Gomez of ABN Amro Bank. David Spratley of PBA Capital and Albert Mena of KPMG later joined the speakers in a panel discussion.

Topics covered during the seminar included:

• An introduction to funds and their administration;
  • A brief resume of the range of structures currently used in collective investment schemes;
• Niche funds - the opportunities;
  • Why Gibraltar's future as a funds jurisdiction will be in niche areas;
• Fast-track funds;
  • Universal Master Funds - Gibraltar's ready-made funds solution.

One big advantage Gibraltar has, said Chris Labrow, is the presence of an expert fund administration service in the form of Helvetic Fund Administration Ltd. "US national Diane Moss of Helvetic was formerly with Mees Pierson in the Bahamas and has brought her considerable expertise to Gibraltar. We're very fortunate to have her here. Helvetic will be able to administer funds from other jurisdictions from Gibraltar."

On the regulatory side, Labrow said that the Financial Services Commission demonstrated a "robust but flexible regulatory hand" and that Gibraltar was fortunate to have Brian Morris, who has "strong fund experience" as its Investment Services Supervisor.

Nigel Feetham used securitisation/repackaging as an example of how an industry can be successfully created in Gibraltar. "By the end of the year we will have seven major investment banks on board," said Feetham. "Cayman and Jersey (who have a solid track record in this field) didn't give Gibraltar a chance, but all we need is the confidence to go out there and bring clients in and the business will boom."

All the speakers stressed that Gibraltar's success would lie is its ability to attract niche products such as family office funds, private equity, incubator funds, and life assurance companies' linked funds and broker bonds.

ABN Amro Bank is the custodian for Universal Master Funds. ABN's Jean-Louis Gomez, who has considerable experience in the funds industry in Luxembourg, believes Gibraltar has the edge over both Luxembourg and Dublin in terms of personalised service, versatility, smaller teams, cost efficiency and greater flexibility, and certainly has the potential to make a name for itself in niche funds.

Contacts:

Christopher Labrow, Independent Fund Administration Services (IFAS) Tel 00 350 76342 or44475

Diane Moss, Helvetic Fund Administration Ltd Tel 00 350 51375

Jean-Louis Gomez, ABN Amro Tel 00 350 74474 or 79220