The Bank of Bermuda announced yesterday that its Island-based investments arm has been selected to manage one of the largest international funds in the world.

HSBC Investments (Bermuda) has been appointed as the discretionary investment advisor to the Dublin-based HSBC Global Liquidity Fund (GLF) US dollar classes. This will increase the total assets under management in Bermuda to over $21 billion.

Guillermo Konecny, chief executive officer of HSBC Investments (Bermuda), said: "We are pleased with this appointment, which comes as a result of months of hard work and reinforces the importance of Bermuda to the HSBC Investments Global Liquidity business.

"GLF is one of the largest international fund ranges in the world and we are proud to be the investment advisors of the US dollar classes, its predominant component. In addition to this new role, we manage our local liquidity range, HSBC Corporate Money Funds, which became a part of the Global Liquidity business in 2006.

"To date these funds have attracted over $12bn from local investors, becoming the largest Bermuda-based liquidity funds. These results show our commitment to supporting the local insurance, reinsurance and captive companies with their investments needs."

Bank of Bermuda CEO Philip Butterfield said: "This is clearly a recognition of the skills and talent of our investment team and the expertise Bermuda as a jurisdiction can provide to the Group. Last year Bank of Bermuda set as its goal to become a centre of excellence in investment services and we are clearly on the way to achieving this objective."