Management.

The recently established management company was formed by Mr.

Norman Holbrow, the former managing director of the bank's wholly owned subsidiary, Bermuda Trust Company.

Mr. Gordon Howard, the former manager of the personal trust and private banking division of Bermuda Trust Company Ltd. has now been appointed Grosvenor Management's new managing director.

"After twenty years with the bank, I wanted a challenge, so I joined Grosvenor Management to help bond the company,'' said Mr. Howard.

Industry sources reported Mr. Howard had left the bank because he and the newly appointed vice-president of private banking and trust, Mr. Graham Richardson, could not reconcile conflicting management styles.

Mr. Richardson refused to comment and Mr. Howard vigorously denied that any mutual differences spurred on his decision to leave the bank.

A bank spokesman would only confirm that Mr. Howard had left the bank.

The parting from the Bank of Bermuda was "amicable'', said Mr. Howard. "We both have an excellent on-going relationship with the bank,'' said Mr.

Holbrow, who has just returned from Budapest, Hungary and sets off for North America today to promote the new company and produce new business.

This is the second time Mr. Holbrow has hired Mr. Howard. "I first hired Gordon when I was building the team at the bank and it was suggested to be that he was the right sort of person,'' said Mr. Holbrow.

Mr. Howard will specialise in international tax planning and trust companies.

NEW MANAGING DIRECTOR -- Mr. Gordon Howard took the new position at local management company Grosvenor Management last week.