exceed the $14 billion level reached last year, according to a bank official.

"The net asset value of Bermuda registered funds should this year return to 1994 levels then eclipse them,'' said Mr. Paul Lemmon, officer, business development, at the Bank of Butterfield, and one of about 20 Bermuda representatives who attended the CCH/FBA Conference earlier this week in California.

The conference, a major mutual funds gathering, is hosted by CCH Inc., formerly known as Commerce Clearing House (CCH), and the Federal Bar Association (FBA).

The NAV in Bermuda's collective investment schemes declined from a high of $14 billion last year to $12.1 billion at the end of November, according to the Bermuda Monetary Authority's (BMA) most recent monthly statistics.

The next round of numbers, which are provided to the BMA by the Island's three banks who are by law designated custodians of all Bermuda-registered collective investment schemes, should reflect a continued growth in the NAV, said Mr. Peter Sousa, manager investment services division of the BMA.

He estimated December statistics will show the NAV will climb to about $13 billion while the number of collective investment schemes at the end of 1994 will be 593. Total individual schemes at the end of November 1994 were 568 compared to 448 a year earlier.

He also estimated that preliminary figures show the number of mutual funds, part of the estimated total of 593, will increase from 487 to 511 at year's end.

1993 concluded with 454 collective investment schemes in Bermuda with an NAV of $10.5 billion, noted Mr. Sousa.

"We are still seeing a steady increase in the number of collective investment schemes,'' he added. The number of schemes is a reflection of the confidence promoters of such schemes have in Bermuda as an offshore domicile, said Mr.

Sousa.

Although Bermuda representatives have attended the CCh/FBA conference for several years this year marks the first time they have sponsored an event, the Bermuda Breakfast Briefing, held ON Tuesday and attended by about 150 PEOPLE.

It featured financial analyst Mr. Michael Lipper as guest speaker.

"We succeeded in promoting Bermuda as a jurisdiction to incorporate an offshore fund. We know we have been successful when people attending the conference from Dublin tell us we have a jump on them for the coming year,'' he said.

Dublin has aggressively promoted itself as a mutual fund domicile. "We've been quite a hit. We opted to wear our Bermuda shorts to the breakfast. It was a tremendous idea,'' said Mr. Lemmon.

Five of the Bermuda representatives took part in a 90-minute conference call with the mutual funds editor of Investor Business Daily, a publication with a circulation of about 500,000 targeting investors, money managers and CEOs.