Local insurer BF&M has bought up Osprey Investments, a division of Anchor Investment Management.

BF&M said the acquisition ? to be renamed North Atlantic Investment Management Ltd. ? would allow it to expand its existing pension fund investment business.

Patrice Horner, who was vice-president of Osprey, will continue in that role under North Atlantic. Ms Horner has a Masters of Business Administration and is a certified financial analyst (CFA).

BF&M CEO Glenn Titterton told The Royal Gazette: "We have had staff who were qualified, to a certain level, to handle asset investments but we did not have someone with qualifications to the level of Patrice Horner."

BF&M already had a working relationship with Osprey ? BF&M Life had administered the Osprey book of business, Mr. Titterton said.

"The purchase includes a built-in book of business. Really it was a natural progression (in our relationship) as we were already working with them. It was a logical step, and a mutual and amicable decision."

Mr. Titterton said establishing North Atlantic Asset Management would enable it to go after more business ? especially from the Island's international business sector. The company may also expand that business abroad, said CFO John Wight.

Mr. Titterton said: "This is an interesting step forward. It does not conflict with our relationships with other asset managers, it just allows us to do what we have done for a very long time."

The purchase was also said to be a good fit alongside BF&M's pension administration business, under BF&M Life Insurance.

Anchor Investment Management president Jeffrey Brewer said: "Osprey has worked closely with BF&M on pension business in the Bermuda market over the last couple of years. We believe it was a natural fit to create a single entity that will take advantage of the new online systems BF&M has developed for their clients."

North Atlantic is set up as a wholly-owned subsidiary of holding company BF&M Ltd. with offices in the new PXRe building on Pitts Bay Road.

The PXRe building is 60 percent owned by BF&M subsidiary Barr's Bay Properties Ltd., and is a new five story office block situated next to its headquarters. BF&M is currently operating in part of the building, while its office space is renovated. North Atlantic is to have permanent office space in the building, while PXRe is set to move in on April 1, taking up several floors.

Meanwhile, Anchor Investment Management will remain focused on providing segregated portfolio management services to high net worth individuals, trusts and institutions.