Collective Investment Growth Reflects Bermuda's Sound Regulatory Policies, Says BIBA

by Amanda Banks, Tax-News.com, London

08 June 2004

Strong gains in the collective investment sector in the latter half of last year are evidence that Bermuda has taken the right steps with recent economic and regulatory policy, the Bermuda International Business Association stated last week.

The statement by BIBA was made in response to a report by the Bermuda Monetary Authority revealing encouraging year on year gains in the total net asset values of collective investment schemes in the third and fourth quarters of 2003.

“As the organization that promotes Bermuda as a premier financial centre, BIBA had earmarked trusts and hedge funds as core areas to develop and this report clearly shows that Bermuda’s focus on innovation and on diversifying its business economy is paying off in these business sectors,” commented BIBA chief Deborah Middleton, adding that:

“Bermuda’s commitment to accountability and to offering only the highest quality services has been the driving force behind our emergence as one of the pre-eminent financial centres in the world. We offer an unmatched collection of intellectual and fiscal capital and are backed by one of the most responsible regulatory systems in the world today, and it is clear why the global business community continues to seek out Bermuda as their place of business.”

The association is to hold a business briefing in November with market professionals in London, where it hopes to repeat the recent success of a similar briefing held in New York.

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