own shares, is now helping mutual funds obtain listings on the Channel Islands Stock Exchange (CISX), which opened for business in October of last year.

The bank's Guernsey-based fund administration subsidiary, Management International (Guernsey) Limited (MIGL), now offers to assist fund managers seeking to have their funds quoted on the CISX.

The initiative follows an external confirmation that MIGL is Guernsey's largest fund administrator, with more than $6.6 billion in client assets under administration at June 30, 1998.

The Fitzrovia Guernsey Fund Encyclopaedia lists MIGL as having a lead of more than 50 percent in client funds under management than its nearest Guernsey rival. The move follows an announcement from the Bank of N.T. Butterfield that its secondary listing on the Cayman Islands Stock Exchange will start this week.

"The listing of investment funds on recognised stock exchanges has grown in popularity over the past few years,'' explained a spokesman for the Bank of Bermuda. The Bermuda Stock Exchange, where the bank is a full member, has been attracting similar business of late, from different parts of the world.

"A listing provides investors with the added comfort that a fund is being adequately supervised. Listed funds have the additional benefit of being open to monies earmarked exclusively for listed investments,'' the bank spokesman said.

Funds wishing to list on the CISX must have an approved sponsoring broker who is a member of the exchange. MIGL fulfills both criteria. MIGL's key objective, the spokesman explained, "is to provide fund issuers with a quick and efficient service.

Working closely with both the fund manager or promoter and the CISX, we estimate that a listing can be obtained in two to three weeks from the date of submitting the first draft of the listing document.'' MIGL also offers an ongoing service to allow fund managers to meet their continuing obligations to the CISX. Non-domiciled funds managed by competitors in other jurisdictions can use the CISX service provided by MIGL on a stand-alone basis.

MIGL managing director Barry Carroll said he is expecting "great results'' from this new service.

Bank helps mutual funds obtain listings "We're confident that our expertise in this area, coupled with our close relationship with the CISX, will guarantee clients a first-rate service,'' Mr.

Carroll said.

He continued: "Our aim is to offer a full range of services in-house, thereby offering clients a convenient `one-stop shop' facility, covering all aspects of funds administration and global custody.'' Mr. Carroll said that the bank had focussed its efforts on becoming "a quality niche player in fund administration.'' He added: "Our top ranking as Guernsey's largest fund administrator clearly shows that this strategy is reaping considerable rewards.'' Mr. Carroll cited the one-stop shopping, competitive pricing and the speed with which applications can be processed as key advantages of the new service.