Two Bermudians with a combined 40-plus years' experience in the financial services industry are inviting businesses short on time and staff to outsource some of their management requirements to them.

C. H. (Hal) Masters and Jonathan M. Rego have set up Midsea Consulting Limited, a new Bermuda company that specialises in the coordination and management of fixed-term and ongoing projects for companies such as financial institutions and service providers.

Mr. Masters said Midsea is a cost-effective solution for businesses facing deadlines with limited resources: “We specialise in projects that companies do not have the time or resources to administer effectively. For example, bringing compliance standards and documentation up to date, rectifying audit points to meet an internal or external deadline, and winding down securities or credit portfolios.”

Midsea also provides directorship services to local and overseas companies.

“Certain companies don't require full-time people but need an issue to be resolved,” Mr. Masters added. “Rather than go through the process of hiring people for something that is fixed term, it's quicker and more economical to bring in Midsea to deal with a specific task.

“Often, we can be a stop-gap measure to meet a deadline. For example, we can bring full-time employees up to date on an outstanding review process, and thereafter the employees can maintain the updated process going forward.”

Mr.Rego said: “Our other big advantage is our flexibility. At short notice we can be organised and on-site with a client. The issue can be short-term, such as an audit point - or a longer-term commitment such as the implementation of new documentation or procedures.”

Mr. Masters is a former vice-president of Butterfield Bank and managing director of Butterfield Fund Services (Bermuda) Limited, a wholly-owned subsidiary of Butterfield Bank. Mr. Masters started with the Bank in 1984 as a financial analyst in the Credit Department and worked in numerous management positions with the company in Bermuda and London.

A member of the Institute of Directors, he also holds a number of hedge fund directorships and is a trustee of numerous private trusts.

He has a Bachelor of Arts degree from Williams College, Williamstown, Massachusetts and a master's degree in business administration (MBA marketing and finance) from Babson College, Wellesley, Massachusetts.

Mr. Rego has worked in Bermuda's financial services since 1991 as a credit analyst and investment accountant for the Bank of Bermuda, Everest Capital Ltd. and Fidelity Investments Limited. Before joining Midsea, he was vice-president, regional banking and credit manager, alternative fund services at HSBC Bank of Bermuda. Mr. Rego earned his degree in commerce at Dalhousie University in Canada.