Butterfield Management Company said yesterday.

The move was taken by the directors of the fund and the company after the investment vehicle yielded a gain of 14.4 percent for the year to June 30, compared with the Morgan Stanley Capital World Index of 18.8 percent.

Fund advisor Butterfield Asset Management said it has had "an international, market driven approach'', although in the interest of shareholders it has been decided to adopt "a more specific stock-oriented focus.'' The new sub-advisor appointed is CASE International Ltd., a Bermuda affiliate of US-based CASE Inc. set up here in 1983.

The CASE Inc. master portfolio has returned an annual compound of 18.3 percent for the five years to June 30, compared to a return of 12.6 percent for the S&P 500 Index.

The company uses a rigorous stock selection process and will provide diversification for the fund by buying international securities, as they become highlighted by their screening processes, rather than purely because international markets form the major part of the World Index.

It is anticipated that international equities will average approximately 30 percent of the portfolio over time.

The US company provides innovative security evaluation services using advanced colour graphic technology.

President and founder of the Bermuda affiliate, Jeffrey Brewer, who is to be principally responsible for the advice to the fund, was involved in the early development of the US affiliate, and the computer driven screening methodology and has 15 years of experience with the system.