Cash-strapped international magazines have been looking to set up conferences in Bermuda in a bid to boost flagging advertising revenue, according to Bermuda International Business Association.

And the Bermuda association revealed it has been approached by about a half a dozen publications looking for sponsorship to set up trade conferences on the island.

"Adverting dollars are extremely difficult to come by at the moment," said Aaron Adderley, marketing manager at BIBA. "Business magazines would like to put on an event in Bermuda. These are not just any magazines, but are industry specific in which they see Bermuda as a key jurisdiction which appeals to their readers. We are getting a lot of approaches - probably about half a dozen in the past year."

Mr. Adderley said that while none of the conferences had yet become a reality, that he was hopeful that some new and large conferences would be held as a result of this new market opening up.

And he was coy about what magazines wanted to stage conferences in Bermuda, but said they included trade publications such as hedge fund magazines and global business magazines with huge international readerships that would be considered household names. "It absolutely might happen," said Mr. Adderley, who said he regularly gets businesses and business groups interested in holding conferences in Bermuda approaching BIBA, which has a budget to in part fund conferences.

"If a conference meets the following criteria, we may look at funding - if it is in a business sector that we have identified as a potential growth area for Bermuda and then number two, if we then look at it and say is this a key conference within that area of business.

And then if yes to both, we will try to do everything we can to make it happen," he said. Mr. Adderley said that BIBA did its budget planning in September and they identify some conferences a year in advance as well as setting aside contingency cash for others.

They money they give to conferences ranges from $10,000 to $30,000 depending on the kind of conference. This funding of events is part of remit and mandate of BIBA, according to Mr. Adderley.

"It is a trend that is going to continue," said Mr. Adderley. "At the end of day they are still looking for dollars and instead of asking us to take out a one page ad, they say they are looking for assistance in bringing in sponsors to the island." And he revealed that BIBA had come very close to brining in one magazine-led conference this September - but it had fallen through.

He would not identify the magazine, but The Royal Gazette understands that it is a magazine aimed at multi-millionaires with a high readership.

"It did not go on for this year," said Mr. Adderley. "But there is a chance will happen next year. I am disappointed that it didn't happen this year, but all is not lost.

"But all this activity has come about as a result of difficult climate that magazines are currently operating in."