of a first.

A new trust company, Connor, Clark Trust (Bermuda) Ltd. will be the first exempted trust company to be managed by a local company.

The subsidiary of Toronto-based investment management firm Connor, Clark & Co.

Ltd. was recently granted a trust licence to operate as an exempted trust company.

Mr. Alan Covill, general manager at International Trust Company of Bermuda, (ITCOB) said: "Other exempted trust companies on the island, like Coutts and Lombard Odier (Bermuda), manage themselves. Connor, Clark didn't want to set up a full scale trust operation, but we are happy that it has appointed us to manage the operation on their behalf.

"It is good for Bermuda as the Island will see quality clients come here. The parent company is a high quality investment management group that is bringing trust business that wouldn't otherwise come here.'' ITCOB is Bermuda Commercial Bank's wholly-owned subsidiary.

"This is a means of participating in a new trust company as a joint venture -- not in terms of ownership, but management,'' said Mr. Covill.