BBDC rebrands with new name at NYC roadshow
The Bermuda Business Development Corporation has rebranded itself with a new name — the Bermuda Business Development Agency (BDA).
The name change was announced at a prestige roadshow in New York, run jointly with the Ministry of Economic Development, aimed at drumming up new business for Bermuda.
The three-day event was targeted at the asset management and fund business — and highlighted recent law changes to modernise legislation and fast-track fund registration.
In addition, the BDA's asset management focus group and innovation group teamed up with Bermuda business chiefs, lawyers, fund administrators and accountants pitched in to help sell Bermuda.
Bermuda BDA CEO Stephen Lund said: “People are looking for alternative jurisdictions to the ones they normally deal with, but Bermuda hasn't been front and centre for the past few years.
“You have to be proactive, get in front of people, tell your story and have a story to tell.”
This is an important first step in effectively marketing Bermuda's asset management sector.
“The key to our long-term success will be in our follow-up and delivery.
“Bermuda BDA's entire team will be intensely focused on ensuring that we provide anyone who is looking to do business in Bermuda with the resources and support to make that process simple, efficient and effective.
“Over the long term, we feel this is the best way to attract businesses, create jobs and grow Bermuda's economy.”
Mr Lund added: “We're now known as the Bermuda Business Development Agency, so we did a bit of a brand launch in New York as well.”
Mr Lund added that the announcement of a new international business concierge service “was really highly thought of” and should help boost investment in the island.
US investment experts were also told that new funds can be registered and launched in Bermuda on a fast track basis using the Bermuda Monetary Authority's online system.
Minister for Economic Development Grant Gibbons added: “We have listened closely to the fund industry in New York who told that Bermuda needed to enhance its legislation to be more attractive to funds looking for new jurisdictions for their business.
“They also made it clear that we need to be more aggressive and visible in the New York market. Our trip has been very successful, but it is just the beginning of ongoing, active and engaged support that will drive international business to Bermuda.”
The initiative was launched with an exclusive reception at the city's plush Peninsula Hotel, which was attended by more than 100 investment fund specialists, on Tuesday.
That was followed by more than 50 one-on-one briefings and education meetings with leading law and accountancy firms and prime brokers.