firm Bermuda Investment Advisory Services, (BIAS) has been deemed the best overall fund manager over three years.

An expatriate magazine, The International, which praised the funds said all but one of Perpetual's funds analysed appeared in the top 30 percent of their relative sectors in markets such as the US, Far East, UK and emerging markets.

Perpetual manages more than $2.5 billion of US dollar and sterling denominated mutual funds from its Henley-on-Thames head office.

BIAS invests clients' funds internationally, mainly through mutual funds.

Mr. Robert Pires, who set up BIAS, is a founding member of the Bermuda Association of Security Dealers, and has recently been appointed its first permanent secretary.

He said: "These funds are themselves widely invested pools of sometimes very large funds, that take advantage of both the available economies of scale, and their own diversified portfolio''.

He said that Perpetual's emerging companies fund -- their best performing fund -- is testament to the ability of smaller capital stocks to show much higher returns than their larger, blue chip, counterparts.

The second investment management group BIAS exclusively represents in Bermuda is the Hypo Foreign & Colonial group from the UK.

BIAS trades on the Bermuda Stock Exchange, and estimates that it is responsible for about 30 percent of the volume traded across the Exchange.

Mr. Pires said BIAS visits and analyses local companies listed on the Exchange, and provides information gleaned to BIAS clients.