INVESCO Asset Management Ltd. director Mr. Adam Cooke, speaking yesterday about global investment opportunities, said they are currently very bullish on European bonds while Pacific basin opportunities continue.

Mr. Wren and Mr. Cooke delivered three presentations yesterday at the Hamilton Princess in association with independent stock brokerage firm Gulfstream Securities Ltd.

GulfStream managing director Ms Carolyn Hall said: "This is the first time we have presented a mutual fund company to our clients.'' GulfStream has negotiated special terms with INVESCO, she said.

Until January 18, the initial charge, or load, will be lowered to one percent, she added.

"INVESCO has identified opportunities in Bermuda and we believe the association with GulfStream will work well,'' Mr. Cooke said.

The US economy has experienced a "soft landing'' without inflationary pressures, paving the way for a good bond market, he said.

Favourable bond yield conditions generated by the US, dropping interest rates in Europe, and a European economic cycle which tends to follow marginally behind the US cycle, have set the stage for investment opportunities in the European bond market, Mr. Cooke said.

Conversely, Japanese bonds returns are currently very poor, he said.

Volatile Japanese equity markets and low Japanese money market returns have helped drive Japanese bond yields down to extremely low levels, he said.

Higher Japanese bond prices have helped make Japanese equities more attractive, he said.

"As a Group, we tend to be very keen on the pacific basin for 20 year money and for one year money -- Japan,'' Mr. Wren said.

They are bullish on Japan because that economy has settled, more foreign investment is likely to be injected into Japan, and that country's industry is restructuring toward higher profits.

Japan's economy is growing at six to nine percent, Mr. Cooke said.

Three of INVESCO's 29 offshore mutual funds focus on Japanese securities.

All 29 funds are administered in Jersey by INVESCO International with most registered in Luxembourg.

INVESCO manages $75 billion in assets and is one of the world's largest independent investment management groups.

"Our funds provide liquidity for investors of any size and we provide an excellent track record with less volatile performance.

"By less volatile, we mean aiming for consistent performance and striving for conservatism -- except for our warrant funds,'' Mr. Wren said.

The index-geared warrant fund carry a high risk but can yield a high reward.

Both Mr. Wren and Mr. Cooke recommend that their investor clients not direct more than ten percent of their holdings to these warrant funds combined.

INVESCO bases its investment strategy on the belief that established relationships tend to persist, deviations create opportunities and that risks can be quantified and controlled.

A global asset allocation committee, which includes six INVESCO investment specialists, meets every two weeks to review their position.

About the US equity market, Mr. Wren said: "We believe it will be difficult to make further gains in the US equity market but we do see opportunities in some US small companies.''