The Globalisation of Mutual Funds conference, which starts today at the Fairmont Southampton Princess, may not be the largest offshore fund conference - but it is the most highly regarded, says one of the organisers.

Conference chairman Peter Rodger says the conference - first discussed at a breakfast meeting in Buenos Aires - has been held in Bermuda for the past 14 years and has carved out a niche for itself in the mutual fund calendar.

About 250 delegates will attend the event at the Fairmont Hamilton Princess, a smaller number than previous years thanks to the bear market and continuing effects of 9/11.

This year, added concerns about the Middle East conflict and SARS may also have made people reluctant to travel, Mr. Rodger said.

Founded by the International Bar Association and the Investment Company Institute, the conference was born in a breakfast meeting in Buenos Aires in 1988, said Mr. Rodger.

There was no official connection with Bermuda, but it has become associated with the Island. Delegates enjoy coming here and many take the opportunity to stay on after the conference for a holiday, says Mr. Rodger, who steps down as chairman after this year's conference. He will be replaced by Lynn McGrade of the Canadian law firm, Borden Gervais.

It has been a great opportunity to showcase the Island, he added, but warned that the product needed to be excellent from the airport to the hotels if Bermuda wanted to keep conferences like it coming back.

Geared towards mutual fund managers, lawyers, accountants and custodian banks, the conference will address hot topics such as investment strategies,governance, money laundering, and new legal developments.

The agenda has a global flavour with senior presenters from all over the world participating in panel discussions.

The conference is uniquely non-commercial, according to Mr. Rodger: "You won't see breakfast sponsored by such and such company limited."

Any profits made by the International Bar Association from the event go into human rights causes.

Speakers this year include a Harvard Law School professor, the chief executive of the Investment Management Association, ABN-AMRO's head of global fund sales and partners from leading law firms such as Clifford Chance, MacFarlanes and Linklaters.