Bermuda's mutual fund professionals will attend next week's IBA/ICIEF conference armed with stronger figures from this area of the Island's financial sector, Bermuda International Business Association (BIBA) chairman Tom Davis said yesterday.

Fourth quarter mutual fund numbers will be made public on Tuesday and will show "continued growth,'' Mr. Davis said.

Finance Minister Grant Gibbons and Bermuda Stock Exchange CEO William Woods as well as 25 individuals representing 16 firms will be the Bermuda contingent attending the 1997 International Bar Association/Investment Company Institute Education Foundation mutual funds conference in California. The IBA/ICIEF annual conference, which gets underway on Sunday in Desert Springs, is considered the most significant stop on the mutual funds conference calendar.

The Island's most recent collective investment scheme figures available are third quarter and included in the Bermuda Monetary Authority's quarterly notice.

At September 30, 1996, there were 745 collective investment schemes in Bermuda with a net asset value (NAV) of $15.62 billion, increases of 18 and 13 percent respectively over year earlier figures.

At June 31, 1996 there were 714 collective investment schemes in Bermuda with net asset value of $14.73 billion.

The fourth quarter numbers will be released against a backdrop of ever-increasing competition in the mutual funds arena, evidenced by a Luxembourg bank's marketing move at the conference, Mr. Davis added.

Following Bermuda's lead, Banque Internationale a Luxembourg will host its own market briefing.

Island representatives began hosting a briefing at the IBA/ICIEF conference in 1995.

"For the first time, representatives of a competitor are hosting a similar briefing.

"We have been advised that a major financial institution in Luxembourg has issued invitations to a breakfast briefing during the conference,'' Mr. Davis said.

"This is a significant development, as Bermuda was the first international financial services centre to host a meeting at this conference, although many such centres are represented at the event.'' Mr. Davis estimated the NAV of Luxembourg incorporated funds at about $450 billion.

About 150 people are anticipated to attend the Bermuda briefing while the total number of delegates attending the conference could reach 1,800.

The Bermuda delegation is believed to be the largest from a single offshore centre.

The Bermuda breakfast briefing is being organised by BIBA as a part of the organisation's overseas marketing programme.

Costs are shared among the 16 firms with people attending.

BIBA costs come from the organisation's marketing budget.

For the fiscal year 199 7/98, BIBA receives $950,000 from the Ministry of Finance for its international and local marketing programmes, up from the $600,000 previously. Additionally, and for the first time, BIBA received $40,000 from the Ministry of Tourism for joint efforts in 1997/98.

BUSINESS BUC