Fund of Funds equity and bond shares on the Bermuda Stock Exchange.

The fund was established this year by the bank's subsidiary Bermuda International Investment Management Ltd.

The two fund classes invest in other mutual funds.

"The company aims to achieve its objective on behalf of the equity fund and bond fund by applying an asset allocation strategy focused primarily on open ended collective investment schemes investing in international equity and bond markets respectively. Diversification of investments is fundamental to the investment strategy,'' a press release stated. Each fund will usually invest in five other funds.

"With more than 38,000 offshore funds available worldwide few investors have the time or expertise to make calculated and informed manager selections,'' senior vice president of investments Wayne Chapman said. "Through our network of institutional relationships and buying power, we aim to provide low cost access to a selection of the world's top performing funds, many of which would simply be out of reach with a $10,000 investment.''