Funding has been cut for two of the Island’s promotional groups on the front lines of attracting international business to Bermuda.Announced in the Government’s Budget statement yesterday, the Insurance Development Council (IDC) had close to 30 percent slashed from its budget, with their Government grant decreasing to $500,000 from $700,000.Business Bermuda had half a million dollars slashed from their budget, going from $2.5 million to $2 million. The group has a staff of five full-time employees and travels to conferences extolling the benefits of doing business here.“We recognise that the Government of Bermuda has limited resources and that the economic environment is challenging,” said Cheryl Packwood, CEO of Business Bermuda. “That said, international business is the single biggest contributor to our national GDP and needs additional support.“Our analysis shows that our competitors like the Channel Islands, Cayman and BVI are continuing to invest a greater portion of their budgets in support of international business development. We must meet that challenge.“We are hopeful that further discussion with Government can lead to additional resources and a reprioritisation that recognises the value of supporting Business Bermuda and the IDC.”A new group has been funded called the Asset Management Taskforce, which was created by Government last year and chaired by Ernst & Young partner Jessel Mendes. The Government allotted $250,000 to the new group whose aim is to increase the Island’s asset management industry and give the economy a boost in the process.“We estimate that one manager who employs 10 people and is managing about $500 million contributes about $5 million to GDP,” Mr Mendes said in December.Business Bermuda also visits the largest fund conferences around the world and will be attending EuroHedge Summit 2012 in Paris in April.Calls to Allison Towlson, president of IDC and Mr Mendes were not returned as of press time.