The Bermuda International Business Association (BIBA) continued its globetrotting exploits and getting out the message that the Island has a big part to play in the global economy and financial markets - this time with a two-day media and marketing tour of New York.

The delegation of Bermuda international business executives representing the financial services industry, led by BIBA and comprising Cheryl Packwood, CEO of BIBA, Greg Wojciechowski, CEO of the Bermuda Stock Exchange, Shaun Morris, managing partner of Appleby and Stephen Castree, CEO of Equinoxe Alternative Investment Services, jetted off to the Big Apple for the tour which was held last week.

The event was divided into a day of meetings with the media and key sources of business for Bermuda. Last Tuesday, the delegation met with international financial services, capital markets and fund reporters at the Associated Press, Dow Jones, Forbes, Alpha Magazine, Pensions & Investments and the Financial Times.

The following day, the delegation met with both Deutsche Bank and the Credit Suisse Hedge Fund Consulting Groups and the law firms of Sadis & Goldberg, Tannenbaum Helpern Syracuse & Hirschtritt, Greenberg Traurig, and Day Pitney.

"We believe that Bermuda's well-positioned across our entire financial services industry to be a part of the transformation and reigniting of capital markets and global economy," said Ms Packwood.

"Our meetings with the media and those who are active in the insurance and reinsurance, capital markets and fund industry validated this opinion.

"We were told repeatedly that Bermuda is a cut above other jurisdictions and has a well-earned reputation for excellence in terms of regulation, legislation and service providers.

"There is a flight to quality and Bermuda stands to benefit from this transition in the industry.

"We delivered a message that we are ready and open for business and it was incredibly well-received.

"While the global economy and the capital markets have been and still are in some degree of turmoil, there is a change occurring and our meetings put us top of mind, which should pay dividends in terms of real and meaningful business flow in the months and years ahead."

Mr. Wojciechowski said the tour was both a valuable and well-timed exercise, highlighting the Island's role across various industries, including insurance and reinsurance, new capital markets products and services and funds.

Based on the success of the event, BIBA is planning to carry out quarterly trips to New York and other markets with a goal of meeting as many as 50 different law firms, accounting firms, financial institutions, hedge fund advisors and prime brokers in 2009.

The delegations will focus their marketing efforts on re/insurance, hedge funds, private equity and trusts as well as promoting Bermuda's international business community and its service providers, with the next trip planned for May.

"The reception we received "The reception we received from those with whom we've already been doing business and those whom we have never engaged with before was simply remarkable," said Ms Packwood.

"Beyond presenting Bermuda's competitive advantages, we listened and learned. Among the key advantages that were little known but could have an impact on the future domiciling of funds was Bermuda's legislation which allows for segregated accounts and requires no local auditor sign-off.

"These are clearly progressive changes that will allow for a more nimble structure in fund set-up and will reduce costs at a time when fund managers and their advisors are more focused than ever on being efficient and cost-effective."