Gregory Haycock has succeeded Donald Lines as non-executive chairman of Schroders Bermuda Ltd.

Mr. Haycock said he was looking forward to working with the unit's new head, David Burns, and saw opportunities ahead for the investment management and private-equity service firm.

"This is a great time to be coming in, because with all the problems with the economy, this a great opportunity for re-examining the business plan and objectives of Schroders Bermuda."

Mr. Haycock, who is chairman of Lawrie International Ltd., was senior partner of KPMG in Bermuda until he retired in 2006, and also currently serves on the boards of BF&M Ltd., Bermuda Press Holdings Ltd. and West Hamilton Ltd.

He is also a former chairman of the Bermuda International Business Association and a past president of the Institute of Chartered Accountants of Bermuda.

"Schroders has a great advantage in that we have a great corporate name, a good reputation and have had a physical presence on the Island for 40 years," Mr. Haycock said.

He said he would like the operation, which employs around 50 people in Bermuda, to better service existing clients and the insurance capital on the Island.

"We think the investment market has gone through such a difficult period that many people have pulled back into cash and very conservative investments, and they are wondering where to go from here," Mr. Haycock said.

"Schroders is well placed to help them with quality products and we are represented in all the major financial centres, including New York and London."

He said Bermuda's promotion to the OECD 'white list' was good news and that Finance Ministry should be congratulated for making the Island the first jurisdiction to move to the top tier since the G20 Summit two months ago.

"At Schroders we have always thought of Bermuda as one of our special locations," Mr. Haycock said. "We have been here so long because of Bermuda's reputation and we are pleased to see those standards are being maintained."