the offshore industry for this year has revealed.

The figures, included in the annual directory of offshore mutual funds -- Offshore Fund Guide -- show that 64 or six percent of the 1,072 mutual funds in existence worldwide have their legal base on the Island.

But Bermuda's record was overshadowed by that of Luxembourg which has 467, Jersey which has 143, Guernsey which has 132, and Cayman Islands which has 100.

The guide, which is available at bookstores in Bermuda, noted that many funds are domiciled in one country and marketed in others.