Former Bank of Bermuda boss Henry Smith is to take up the top post at global asset management company W.P. Stewart.

Mr. Smith, 56, stepped down as Bank of Bermuda CEO more than a year ago when the bank was sold to multinational banking giant HSBC Plc.

Although he said in an interview at the time that he was in a position to retire, he didn't think that was likely. He added that he would probably take some time, and then look at opportunities overseas.

But yesterday's announcement means Mr. Smith will remain based in Bermuda, although oversight of W.P. Stewart's global network of offices may see him spending significant portions of time on the road.

Mr. Smith's appointment as CEO and president at W.P. Stewart takes effect on May 1, a company Press release said yesterday.

Mr. Smith has served as a director on W.P. Stewart's board since 1998.

Although Mr. Smith was not yesterday available for comment, W.P. Stewart's deputy managing director - investor relations, Fred Ryan, confirmed Mr. Smith would be based in Bermuda.

Bermuda-based W.P. Stewart has an office on the Island as well as offices in New York City, Portland, Maine, Long Island, New York, London, Amsterdam, Honk Kong and a joint venture in Tokyo, according to Mr. Ryan.

Mr. Ryan said the greatest number of the company's more than 100 employees around the world, were based in the New York office.

The Bermuda office numbers were said to be around 23.

Although Mr. Smith stepped down as the bank's CEO more than a year ago, he officially left the bank at the end of 2004, having served in the short-term post of executive director in charge of handling the integration of the bank into the HSBC network. He remains a non-executive director of the bank.

Mr. Smith's seven-year tenure as the head of the bank ? his total time with the Bank of Bermuda spanned 30 years ? left him with oversight of an organisation that by the end employed some 3,000 staff throughout its Bermuda and global offices.

Although his new post is for a company that employs a fraction of that number, in economic terms W.P. Stewart is a formidable force.

The company, which provides research-intensive equity investment management services to clients throughout the world, appears to have a recipe that has attracted investors ? to the tune of about $9.3 billion in assets under management, at the end of 2004. The New York Stock Exchange listed company's (ticker symbol: WPL) market capitalisation yesterday stood around $1 billion, compared to the $1.3 billion market cap Mr. Smith had seen the Bank of Bermuda advance to when he handed over the reins in February last year.

Mr. Smith assumes leadership of W.P. Stewart from William Stewart, who founded the company as an investment advisory firm in 1975.

In the release, Mr. Stewart said: "I am pleased that Henry has accepted our invitation to take the position of president and CEO and welcome him to the senior management team at W.P. Stewart. He's an experienced and effective leader."

Mr. Stewart, 68, remains the company's chairman and will continue to manage client accounts.