Minister of Finance Paula Cox is sponsoring a round table forum next month for local and exempted companies that are licensed investment providers.

The Ministry of Finance said in a statement that the forum would "examine and assess current trends and prospects for the Investment Management Business in Bermuda." A representation of entities exempt from licensing are also being invited.

The forum is part of a wider plan by the Ministry of Finance to diversify Bermuda's overall economy for sustainable growth.

"The Ministry is continuing its outreach with the various economic sectors of Bermuda to assess and gather information with a view to the further development and diversification of our economy. This also is part of the continuum from the data-gathering of the two surveys that the Minster commissioned earlier this year on assessing Bermuda's standing in the market-place," the release said.

Last Thursday, Minster Cox told a meeting of the American Association of Managing General Agents: "Nothing remains static. We live in a dynamic and global environment. In order to be competitive then the Government in carrying out its functions must not only lead and initiate change, but we must respond and react to change in a timely fashion. As always, a balance must be struck between power and plenty as we go about setting realistic projections on growing the economy and doing proper national planning for the future."

She also plans to participate in September's Small Business Development Corporation seminar for Bermuda's entrepreneurs and small business sector.

"Government has assigned a high priority to the development of financial services as a major vehicle to promote national economic growth and employment in Bermuda. Under the financial services umbrella, investment management has the potential for further development," the statement said.

The forum with licensed investment providers, which is planned as a working conference, will seek to obtain a view of the marketplace as well as useful feedback for the Ministry to factor into its deliberations.

Speakers will offer brief presentations to provide an introductory background and context to the investment management business as well as outline key public policy issues affecting the industry. Participants will then work together to create summary reports and also evaluate several public policy issues including business ownership -- whether the exemption from the "60-40 Rule" should be granted to investment management firms as has been done for banks. Other key issues include the scope of overseas firms at they seek to provide investment management services to clients in the local Bermuda market and what steps should be taken to strengthen the Island's local work force to meet the needs of the investment management sector.

The forum is scheduled to take place on September 21 at the Fairmont Hamilton Princess Hotel.