In the world of mutual funds "Bermuda" does not refer to a holiday destination. Instead it is insider speak for the Globalisation of Mutual Funds conference held every year on the Island, according to one of the organisers.

The conference - now in its 13th year - bills itself as an "in-depth study of current legal and business issues." And Peter Rodger, group legal adviser for the Bank of NT Butterfield, and the only local to sit on the six-strong organising committee, told The Royal Gazette yesterday: "Conceived over a breakfast meeting in Buenos Aires in 1988, the annual conference has grown in stature and in the fund world and is simply referred to as `Bermuda'."

Mr. Rodger said there was some concern among organisers that attendance this year could be adversely affected after the events of September 11. But Mr. Rodger said that although attendance is down by ten percent over last year more than 300 lawyers and fund industry experts from 25 countries have so far registered. The conference is being held at the Southampton Princess Hotel from 28 April through 1 May.

Mr. Rodger said: "Conditions in the investment markets and public reluctance to travel after September 11" have not deterred people from attending this year's conference.

A highlightof the conference, Mr. Rodgers said, was sure to be the "Meet the Regulators" conference on April 29. On the panel are Stuart Willey, chief counsel investment business for the UK Financial Services Authority, and the best known US regulator for mutual funds, Paul Roye, director, division of investment management, US Securities and Exchange Commission and Cheryl-Ann Lister, chair of the Bermuda Monetary Authority. The panel will also include regulators from Guernsey and Hong Kong.Mr. Rodger will be moderating a breakfast meeting on Money Laundering Compliance at the conference.

Another conference session which should attract healthy attendance is "Current Tax Issues" with discussion on developments in the tax area that will affect the global asset management industry. In particular the session will look at the ability of investment funds to claim benefits under tax treaties and OECD and EU harmful tax competition initiatives. Mr. Rodger concluded the conference was a boon for Bermuda's service providers., letting them network with decision-makers from major global fund complexes and advisers to develop business for Bermuda.