listing of the Bank of Bermuda's Anchor International Fund Limited.

The withdrawal of the mutual fund was made at the request of the Fund.

When it was wound up last month it held $8 million, invested in stocks of companies around the world.

Bank of Bermuda vice president of investments Eva Korpela said its size had "decreased for a number of years until it was not producing returns for investors so directors felt this was in shareholders' best interests''.

Investors were informed of the plan in a letter and alternative investments were recommended.

"This was part of the Bank's total rationalisation of funds. We've been looking at smaller ones and determining how to improve them,'' she explained.

Anchor International Fund Limited was incorporated in May 1966 and officially wound up on June 22.

Originally it was tied to a savings plan and linked to insurance policies with Argus.

Ms. Korpela said over the years the fund had began to dwindle and then sparked a "chicken and egg issue'' of whether the difficulties in attracting new investors or the shift out of the fund came first.

"Over the years it got smaller, in part because policy holders moved on. And this withdrawal from listing is part of our efforts to rationalise our products and look to out-source the investment management to recognised specialists.''