In a bid to pass on a permanent benefit to its clients, the Bank of Bermuda is waiving the sales charge on investments in its All Points mutual funds.

The fee, which is referred to as a front-end load (FEL) charge, is commonly paid when investing in a fund, and usually is worked out as a percentage of the investment.

Brian Boyd, general manager, mutual funds, said: "Despite some very tough markets, we at All Points have still been able to attract assets to our funds in 2002 and we wanted to pass a permanent benefit on to our clients to thank them for their support," he said.

Mr. Boyd continued: "This year we developed two new funds and made it easier for people in Bermuda to invest with the opening of our new investment centre. "

The FELs are being lifted, effective immediately, for those clients that invest directly through the Bank of Bermuda - with the Bank pointing out that the waiver means more of the funds to invest are actually invested.