to set up his own management company in Hamilton.

His new company, Grosvenor Management, will operate from Airlie House in Church Street and provide corporate and personal financial services to international companies and private individuals.

"I have retired from the bank and the Bermuda Trust Company Ltd,'' said Mr.

Holbrow.

"I haven't left the bank for any other reason than that I have reached the mandatory age for retirement.

"The insistence and encouragement of many friends and clients, who asked me to continue to advise them on their affairs, prompted me to set up Grosvenor Management.'' He added it was premature to discuss clients, although Bank of Bermuda president and chief executive officer Mr. Donald Lines confirmed that Mr.

Holbrow would share mutual clients with the bank.

Mr. Holbrow's career at the Bank of Bermuda began in July 1969 and from the outset he specialised in trusts, eventually becoming managing director of the Bank of Bermuda's trust company. Mr. Lines said he was driven to hire Mr.

Holbrow because his proven experiences of trusts in the UK and his "good business sense''.

"He was good at promoting and developing the trust business because of his maturity of judgement and his ability to give confidence to those he met,'' said Mr. Lines.

In 1985, he "quietly'' retired, said Mr. Lines as "he didn't enjoy the administrative burden of being a member of the executive, but he agreed to act as a senior officer of banking in a consulting role.'' "I began to devote time to promotion, spending six months of the year on marketing Bermuda overseas. It was a strenuous experience, but rich in its rewards. I describe the efforts taken as providing the granary for the rest of the bank's work. But, I still believe that Bermuda needs the financial exposure and I will pursue this with absolute vigour,'' said Mr. Holbrow.

At the end of June, he retired from his position as consultant to the bank and as executive director of the bank's three main trust companies: Bermuda Trust Company Ltd., Bermuda Trust Company (Guernsey) and Bermuda Trust Company (Far East).

Mr. Lines said he had "treasured'' Mr. Holbrow's association with the bank and was sad to see him finally depart.

NEW TRUST -- Mr. Norman Holbrow is the founder of a new Bermuda-based management company called Grosvenor Management. His recent retirement from the Bank of Bermuda concludes a 24-year involvement with the bank's trust companies.