A $7 billion global venture between two of the world's largest communications firms will set up management offices in Bermuda creating about 60 new jobs on the Island, it emerged yesterday.

Concert Ltd. -- a joint venture between AT&T and BT -- is to begin global communication operations this year with an emphasis on serving multi-national business customers, international carriers and Internet providers.

Company spokeswoman Patricia Stortz said yesterday: "Concert is setting up operations for two of its business units in Bermuda, our International Carrier Services (ICS) and our Network and Systems (N&S) units.

"ICS is responsible for carrying all of AT&T's and BT's international traffic and relationships with foreign telephone companies, as well as providing wholesale communications services to telecom companies and Internet service providers worldwide.

"N&S owns and manages Concert's existing international network, which reaches 237 countries and territories. The venture's managed networks have 6,000 nodes in 52 countries worldwide. This unit is also responsible for construction of Concert's Internet Protocol Network.

"The worldwide operations of both units will be managed from Bermuda generating about 60 new jobs on the Island.'' Ms Stortz noted there were a number of factors which went into Concert's decision to locate these two units in Bermuda.

"Bermuda is a respected centre for international commerce. Its political stability, proximity to the US and UK, and its economy and infrastructure, were all compelling factors that led to the decision to bring the two units here,'' she said.

Telecoms venture to create 60 new jobs She added: "In addition to the 60 or so new positions that will be created as a result of the two units operating on the Island, we will be putting in place a programme of support that includes some philanthropic initiatives, sponsorships, etcetera.

"It hasn't yet been defined, but it's certainly our intent to be involved in and operate as a good local citizen.'' The local hiring process has begun with local executive search and selection firm PriceWaterhouseCoopers advertising employment opportunities for the billion-dollar firm.

So far this year, ads for a Director of Settlements Reduction Planning and Tracking; Director of Economic Modelling and Cost Allocation; Change Control Manager; Performance Manager; Shift Managers and Network Performance Technicians have appeared.

The company has executives and employees operating out of New Jersey, Atlanta, San Francisco and Reston in the US, Hong Kong, Japan, London and Latin America as well as Bermuda.

Besides ICS, Concert's other "customer-facing business units'' are Global Accounts and Global Markets and each member of the trio is expected to contribute "roughly equally'' to Concert's overall revenues.

Global Accounts will serve all of the communication needs of most of the multinational customers from the financial, petroleum and information technology sectors.

Through Global Markets Concert will offer facilities based communications solutions for multinational companies and other business customers and institutions through a global network of distributors including its parent companies.

In addition to N&S, Concert has a Product unit which provides the critical infrastructure and products to customers through the three customer units.