Financial Ltd. from Carolyn Hall in November, the financial services company has undergone a spurt of growth.

The takeover was made after a dispute with Ms Hall. Mr. Richards, who runs Bermuda Asset Management, had filed a writ against Ms. Hall, GulfStream and the Runnymede Trust under the Companies Act. Usually such filings relate to petitions to liquidate a company due to unpaid debts.

Mr. Richards subsequently took over the company and he declared the court proceedings "settled''.

Since then, GulfStream has managed to catch the boom in Bermuda's financial services sector, hoping to go head to head with the bigger players such as First Bermuda Securities and Lines Overseas Management.

Asset manager Christopher Hough, who was appointed managing director of the firm after the takeover, said assets under management has grown by 300 percent over the past nine months.

"We needed to refocus management,'' he said. "It didn't take a lot. In a small firm you can turn around in no time.'' GulfStream has become more of a "boutique'' type of operation, offering a wider range of services to individual investors that's typically only available to institutions.

"It's a niche in Bermuda that's underserviced,'' he said. "Services have been expanded beyond giving just investment advice and brokering.'' Mr. Hough and the firm's other two asset managers also offer discretionary portfolio management, discretionary day trading, a full range of treasury products, and hedge fund advisory services.

With these services, the firm has expanded its client base to attract institutions looking for a more personalised service, he said.

"Local large firms dealing overseas, exempt firms, and captives probably don't know we are offering these products at competitive prices,'' he says.

Through its Internet site and via e-mail, the company keeps clients informed about recommended strategies in the market.

"We are pretty reliant on e-mail and the Web to connect with our customers,'' Mr. Hough said.

The firm, located on Parliament Street, is currently looking for four other employees to expand its services.