Bermuda has lost out on hundreds of thousands of dollars in revenue after a top banking conference moved to the Bahamas because no local venue could cater to the growing numbers of delegates.

The Sixth Annual Investors' & Issuers' Summit on Asset Securitisation (ABS East 2000) kicks off today at the Atlantis Resort & Spa on Paradise Island, Bahamas with 1,600 delegated signed up, including hundreds flying in from Bermuda.

The event was started six years ago in Bermuda as a venue for leading finance professionals to discuss the hot topics of the day and has been here for five year's running.

But this year the event has moved away from Bermuda as no suitable venue has been found.

James Stark, marketing director IMN who organise the ABS East Summit, said: "The ABS East Summit has grown to host well over 1500 people.

"At the urging of our clients, IMN has moved the ABS East Summit to a larger hotel. We would liked to have returned to Bermuda; unfortunately there are no hotels on the Island that can accommodate more than 600 people at once.'' Last year Bermuda's conference event saw a record 1,350 delegates attend the four-day conference. In 1997 the conference had 1,100, but even then those attending had to be split between several different hotels on the Island.

The change of venue to the five star Caribbean spa resort, which can accommodate all the delegates, is believed to have helped increase the numbers compared to Bermuda.

Most of those attending are investors, portfolio managers, credit analysts, chief financial officers, finance directors and treasurers.

A release from ABS said: "Moving in lockstep with the explosive growth of ABS insurance year-to-date, ABS East Bahamas 2000 is anticipated to break all prior records in both terms of number of attendees and number of corporate sponsors.

"With the advent of the Internet revolution, changing supply/demand dynamics in a post-Europe, post Y2K environment and new asset type under review for securitisation, this year's event will prove to be the most beneficial yet to issuers, inventors, bankers and intermediaries alike.'' BUSINESS BUC