Peter Rodger will be the moderator of a panel discussion for evaluating the benefits of offshore centres for mutual funds, at the next International Business Communications forum in the Cayman Islands, next month.

International investment practitioners attend these conferences to contrast and compare the various products and the different jurisdictions.

The conferences being attended by Bermuda executives are seen as a key element in the desired growth in the number of collective investment schemes domiciled in Bermuda, and their net asset value.

While Bermuda is not an insignificant player in this field, its role and prominence in the offshore fund industry is not yet fully developed.

Mr. Rodger points out: "We don't rank very highly, compared to other jurisdictions in terms of total assets under administration. In the no-tax jurisdictions, we're probably in the top five, but that's just the no-tax jurisdictions.

"One of Bermuda's best kept secrets, though, is that a lot of the mutual fund business that goes to the other jurisdictions is actually administered in Bermuda, because our infrastructure is better and more fully developed.

"A lot of the funds in the BVI and the Cayman are actually administered through computer databases and accountants and lawyers and service providers in Bermuda.

"The Institute of Chartered Accountants here has, as members, over 500 chartered accountants. They estimate that there are another 200 CAs who are not members because they are chief executives of companies or in some other business role. Then there are other types of accountants here.

"If you go down to the Cayman Islands, I doubt if you would discover a couple hundred accountants in total. We have nearly 200 attorneys in Bermuda and we have management companies here.

"There is a lot of infrastructure in Bermuda already servicing mutual fund business elsewhere.'' December will be the sixth opportunity this year for Mr. Rodger to carry the Bermuda flag at conferences promoting domiciles for offshore funds. He just returned last month from the International Bar Association's 25th Biennial Conference in Melbourne, Australia.

There he chaired a session on investment in emerging markets, creating funds to invest in emerging markets, with particular reference to the Asia/Pacific Rim.

The general manager of the Bermuda Monetary Authority, Mr. Malcolm Williams, is expected to lead a delegation of the BMA to the upcoming event in the Cayman Islands.

And while Mr. Rodger is attending these conferences for the bank, Bermuda's industry as a whole benefits. The December 4-6 meeting will have Mr. Rodger chairing a round table discussion amongst representatives of tax-advantaged domiciles, such as Bermuda.

Mr. Rodger said: "A lot of people mistakenly compare say Luxembourg or Dublin with Bermuda. But they have taxation. They have a series of double tax treaties. Whereas Bermuda, although we have an exchange of information agreement with the United States, we don't have taxation ourselves.'' MR. PETER RODGER -- The senior vice president and group legal adviser at the Bank of Butterfield will be the moderator of a panel discussion for evaluating the benefits of offshore centres for mutual funds at the next International Business Communications forum in the Cayman Islands, next month.