A Bermuda delegation is at a conference in Miami this week to try to help the Island's hedge funds industry win business.

Bermuda International Business Association (BIBA) chief executive officer Cheryl Packwood is leading the group attending the GAIM USA 2009 Conference, which started yesterday and continues in Miami Beach through Wednesday.

She was joined by Greg Wojciechowski, CEO of the Bermuda Stock Exchange, as well as Stephen Castree and Rod White, CEO and group manager, respectively, of Equinoxe Alternative Investment Services and Philip Gee, vice-president of Dundee Leeds.

"There is no doubt that we are in the midst of one of the worst global economic downturns in recent memory," said Ms Packwood.

"While the challenges the investment community faces are severe, Bermuda is well-positioned with access to capital and a business environment that continues to be far more efficient and affordable than the competition.

"By striving for innovation and excellence, we continue to make Bermuda an attractive alternative for funds to consider as their domicile of choice in this turbulent and chaotic environment.

"GAIM USA gives us the opportunity to continue to drive our message through our expert advocates to some of the leading players in the alternative investment space."

The funds industry has shrunk worldwide in recent months after its assets lost value and investors pulled their money out amid crashing stock markets.

Bermuda has not been immune and figures published by the Bermuda Monetary Authority earlier this month showed the net asset value of the Island's investment funds fell $39 billion to $196.3 billion during the third quarter of last year alone.

The conference, which provides Bermuda and its business community with direct access to more than 500 of the leading advisors and fund managers in the hedge fund market, focused on the strategies being considered by investors to confront the enormous challenges they face in today's global economy.

Among other topics, panel sessions addressed the world's economic outlook for 2009, strategies for evaluating and mitigating risk in the current financial climate, and an evaluation of this year's investment opportunities.

Mr. Wojciechowski said: "I am encouraged by the level of interest in Bermuda and the numbers of conference attendees who have capital, compelling ideas and are in search of business partners who can help them bring their funds, investment strategies and products to market.

"In this sense, Bermuda is really the only truly viable partner for them and so I am optimistic that Bermuda can grow its share of business."