A fourth financial institution in Bermuda has been granted an exemption to the 60/40 ownership rule, the Minister of Finance Eugene Cox announced yesterday.

First Bermuda Securities Ltd , which owns Bermuda Savings and Loan, was given a release from strict ownership rules which require 60 percent of a company to be either owned by a Bermudian or a Bermudian company.

Now the firm, which has $75 million in Savings and Loan and $100 million in assets investments for clients, will be able to seek foreign investment to grow the company.

"We are delighted at the decision," said Jeff Conyers (pictured), co-founder and chief executive officer of First Bermuda Securities. "It will allow us to grow, to seek both foreign capital and a strategic partner."

Mr. Conyers said this was the first stage in the process and the company did not have a strategic partner or investors in mind when it applied for the exemption, but it would allow them to take advantage of any opportunity as it arose.

First Bermuda Securities was set up ten years ago as one of the first independent financial services company and brokerages on the Island.

It has gone from having a handful of clients into serving thousands of diverse customers each year with a brokerage service, financial planning, investment banking and deposit, loan and custodial services.

Mr. Cox yesterday praised the company as a company that was doing well and that was nurturing Bermudians in its business.

But he said it was in the national interest to allow the financial services company the ability to go out and look for additional funding which would not only bring in capital to expand the business but also spread the risk associated with financial services across a wider sector.

And he said this was the same reason for granting Bank of Bermuda, Bank of NT Butterfield and Bermuda Commercial Bank exemptions earlier this year.

He told The Royal Gazette yesterday: "Obviously we are trying to make it possible for Bermudian entrepreneurs to certainly grow and be strong in the community and certainly we think that First Bermuda Securities is one of those firms that is doing all it can to involve Bermudians.

"It has a staff mostly of Bermudians. I'm not saying we shouldn't bring in expatriate workers when we need them. On their own volition, they have made it part of their contract to make sure they provide opportunities for Bermudians first and foremost."

Mr. Cox said it was important for Bermudians to be attracted into positions such as those offered at First Bermuda Securities, and one of the missions of his Government was to ensure more Bermudians were employed in this type of high-paid work.

Mr. Cox added about granting the exemption: "But generally I would say, I'd like it to be seen in the context in which we see it which is a young company which has been in business for at least a decade, and it is attempting to broaden itself, and I think one of the key factors - and this applies to the banks as well - funding for development is not too readily available and the opportunity to go overseas and have additional funding, which also spreads the risks around, is also good for Bermuda."

First Bermuda Securities applied to the Minister of Finance in May this year for the exemption, and the Ministry of Finance and the Registrar of Companies Department determined whether the company met the statutory requirements, stability standards and compliance with national interest conditions imposed by the Ministry of Finance when granting exemptions.

A release from the Minister of Finance said: "Special attention was given to the availability of financial services currently available in Bermuda and the restrictions on a local company's ability to access international capital markets to finance growth and further development."

"The Minister applied the same licence conditions to First Bermuda Securities as it did to Bank of Bermuda, Bank of NT Butterfield and Bermuda Commercial Bank, which attempt to ensure the companies with the exemptions remain in Bermuda with Bermuda management."