the month of August the company sold 575,700 trust units of Serval Integrated Energy Services.

These were previously held by one or more of Cundill's mutual fund and private client managed accounts. Following this, Cundill's mutual fund and private managed accounts no longer have any holdings in the trust units of Serval Integrated Energy Systems.

NEW PRESIDENT APP New president Jim Hindess, a partner at Ernst & Young, has become the new president of the Institute of Chartered Accountants.

Mr. Hindess, 49, from Montreal in Canada, has been a partner in Ernst & Young since his arrival in Bermuda in 1975 and will take up the post with immediate effect.