brought in a new head for the marketing, investments department, Englishman Mr. Jonathan Custance Baker.

Vice president and chief investment officer, Mr. Peter Mellor, said: "The appointment accelerates the bank's initiatives to enhance its global service for institutional and private clients.'' Mr. Custance Baker left his London job at Putnam Europe to take up the post.

Putnam Europe is the subsidiary of the Boston-based Putnam Investment house, owned by Marsh McClellan. Putnam has a $100 billion under asset management, 60 percent of which is mutual funds and the remainder is institutional.

For more than a decade the subsidiary has been the European investment research arm of the parent company, and more recently has grown to also be a platform from which Putnam will be building its growth in Europe.

Mr. Custance Baker who has lived and worked in London, said: "I am not going to be involved in the portfolio selections, but in the working out of how the Bank of Bermuda should be growing its investment business; the products they have, the markets they are seeking and the ways in which to enter or grow in those markets.

"I am a business builder, rather than an investment manager. I have been involved in the creation and growth of investment management companies in different parts of the world.'' For four years, he worked as managing director of the James Capel Unit Trust Management in London. It is the mutual funds company of the James Capell Group, one of Britain's top stockbroking companies.

For more than six years before that he was with the GT Group, including the creating and running as president of GT's San Francisco-based mutual fund company, GT Global Growth Funds, with $10 billion under management. Mr. Mellor added: "His appointment underlines our determination to grow the investment division to be a truly global operation. We will achieve this by providing service and performance, utilising the stability and credibility of our base in Bermuda together with the attractions of tax freedom and flexibility as an offshore bank.

"Mr. Custance Baker has an enviable profile in the UK unit trust industry and in US mutual funds. His flair to create and innovate will, I am sure, accelerate our development in international markets.'' MR. JONATHAN CUSTANCE BAKER -- Head of marketing, investments at the Bank of Bermuda.