Bank Of Bermuda Announces New Tokyo Office

by Amanda Banks, Tax-News.com, London

05 September 2003

The Bank of Bermuda announced this week that its Global Fund Services division has opened a wholly owned subsidiary office in the Japanese capital which it says will act as a liaison between the GFS worldwide division and its Japanese clients.

In a statement, the bank said the office will be headed by Hideki Hashiguchi, a Japanese national who has been based in Hong Kong with Bank of Bermuda for the last three years and who has been responsible for the development of the Bank’s Japanese GFS business. Mr Hashiguchi has more than 18 years experience with a number of key financial institutions in both Japan and Asia.

"Japan’s offshore investment funds industry looks set to grow substantially over the next decade and GFS is ideally positioned to capitalise on that growth," claimed Hashiguchi commenting on the move.

He continued: "Japanese fund managers use offshore fund vehicles extensively in their investment strategies because they allow greater flexibility of operation than domestic structures. At the same time, the Employees Pension Fund Association has allowed state retirement schemes to invest in alternative investment products since September 2002. Pressure for returns from what is one of the world’s most rapidly ageing populations further favours the alternative investment sector."

According to the bank, "Bermuda Global Fund Services Limited, Tokyo branch, will promote the fund administration services of other Bank of Bermuda Group offices to offshore investment vehicles that are promoted, distributed and/or managed by Japanese institutions. Additionally, it will maintain and develop relationships with Japanese fund sponsors, managers and advisers."

Meanwhile Paul Smith, Head of Bank of Bermuda’s Global Fund Services, commented: "We are very excited about this new opportunity in Japan. This venture underlines the Bank’s top-line strategy of geographical expansion via market development and market penetration leveraging our well-established relationships, knowledge and experience and, more importantly, underpinning our long term commitment to meeting clients’ needs."

Recommended