The Fleming Flagship Fund will soon be listed on the Bermuda Stock Exchange (BSX), sponsored by Jardine Matheson Holdings Ltd.

The Robert Fleming group is working with investment management/brokerage affiliate, Jardine Fleming, which is the joint venture between the Robert Fleming Group and Jardine Matheson.

The group's offshore sales & marketing manager Marianne Montgomery is here from London to meet with various clients on the Island in connection with the Bermuda launch of the Fleming Flagship Fund, which consists of 26 sub-funds.

Those clients include investment management companies connected to Bermuda Banks, together with firms such as Kast Investment Management Ltd., Grosvenor Investment Management Ltd. and Guardian Management. The umbrella fund, offshore domiciled in Luxembourg, represents some $7 billion under management, including about $50 million in assets from Bermuda clients.

Local investors have been particularly interested in the $2-billion Fleming American fund, although fluctuation in world markets is driving more interest, at present, in the European group of funds.

Ms Montgomery noted, "The American fund (1997 performance: 35 percent) is perhaps better supported by our Bermuda and Cayman Island clients. It has beaten the S&P index (1997 performance: 32 percent) nine years out of the ten it has been active. It is AAA (triple-A) rated by Fund Research.'' She said, "We are expecting to go live Friday or possibly next week on the Bermuda Stock Exchange. Certainly, with the new pension directives that are being introduced (here), we thought it would be wise to get our name more widely known in Bermuda.

"These are equity funds, together with cash funds. They are global funds, so we are covering all of the major markets. There is American exposure, European exposure, Pacific and Asian exposure, together with emerging markets such as Eastern Europe and Latin America. And there are cash funds. It is completely international, giving the investor exposure to any of the markets they want exposure to. And they can take it in pretty small sizes. The minimum investment is $5,000.

"That makes it attractive to individuals, as well as institutions or brokers, who may want to get into these funds. The Fleming Group now has some 44 offices worldwide and 8,000 employees, giving investors exposure to the international research capabilities of the group.'' The group markets and sells Jardine Fleming unit trusts to its Bermuda clients, as well. The Fleming Flagship Fund is an open-ended investment company which offers shares in separate funds, with each fund linked to a separate portfolio of assets and liabilities.

The equity funds seek to provide capital appreciation through investment in a diversified range of equities in specific regions.

Marianne Montgomery