The investment division of the Bank of Bermuda Ltd. is establishing a million dollar, global computer system to prepare for the 21st century.

In a process that began almost a year ago -- and won't be completed until June of next year -- the bank will eventually provide more and improved services to some 3,000 investment clients.

PC-driven Complete Asset Management, Reporting and Accounting (CAMRA) is being installed by Connecticut-based Security Software & Consulting Incorporated (SS&C).

The bank's senior vice president, investments, Peter Mellor, said an exhaustive, worldwide search had been conducted to find the best investment system.

He said, "It is a first class system. We think it is the best in the world and it is a million dollar installation.

"The investment division has a stockbroking company, investment management company and a mutual fund business. All of them will use this system. The first businesses will start using it before the end of the year.

"That means some of our clients will see improved reporting before the end of the year. Statistics, and the manner in which they are reported, will get more competitive with the rest of the world.

"Clearly, it leapfrogs us ahead of our competitors. Everybody is struggling to catch up, with their systems. You always have to be updating and spending money on your systems, giving the clients what they need to manage their affairs.

"It is a constant issue for all people in the financial services business.

You can't rest.'' He said while there is a "roll-out'' going on right now in Bermuda, this is a global project encompassing the bank's other offices in other jurisdictions.

There will eventually be similar installations in the bank's investment operations in their European offices and then in the Far East. But it won't come until the Bermuda system is operating smoothly.

"If a client is sitting in Shanghai,'' said Mr. Mellor, "then he can have access through computers and talk to us. The future is extremely important in this and it has global implications.'' Enhancements will constantly be added in future years to customise the programme. SS&C technical people have been working with the investment division here and will ultimately be required to supervise overseas installations.

Mr. Mellor said, "There are a lot of records to be put on the new system in addition to the enhancements and testing. They have to be accurate and there must be parallel running.

"At the outset, it will concern matters like trade confirmation, valuations and other means of communication. But this is not built for just today.

"It is being built for the future. So down the line, there will be the ability to have more client accessibility to the information, the ability to do `what if' modelling and other future benefits for the clients. A lot more things will come out of this new system.''