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Poor Performance Standards Sees ING Barings Dropped By Bank Of Bermuda

Amanda Banks, Tax-news.com, London

06 February 2001

The Bank of Bermuda has relieved ING Barings Asset Management of its role as investment adviser to the bank's UK equity holdings after accusing the financial institution of poor perfomance standards.

ING Barings was ousted late last year and its replacement, Edinburgh Fund Managers Plc, was announced a short time ago. At a presentation for investors, director of the company, Graham Campbell, said: 'Our UK team is committed to a strategy of identifying well-managed companies with sustainable competitive advantage, to earn superior long-term returns. Companies can't just be cheap for us.'

The future for the UK market in 2001 looked bright, added Mr Campbell, saying 'the combination of healthy growth, low inflation and favourable valuations was a very positive combination.'

The Bank of Bermuda says its decision to drop ING Barings came about from its inability to maintain the bank's fund performance standards in one of its leading investment vehicles.

All of the equity portfolios held by the bank's open-ended investment company, All Points Multi-Manager Plc, have had excellent results since its inception nearly two years - with the exception of the UK holdings, the original value of which ($35 million) has dropped by eight per cent in that period.

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