Licensed Trustees (BALT), which is open to membership to both local and exempted trust companies.

Mr. Kenneth W. Morgan, senior manager in the trust department of the Bank of Butterfield, has been appointed the first president.

Other officers of the new association are Mr. John Ritchie of Coutts and Company (Bermuda) Ltd., Mr. Robert Miller of Cedar Trust Company Ltd., Mr. Ray Medeiros of Colica Trust Co. Ltd. and Mr. Patrice Parris of the Bank of Bermuda.

All three banks are members and Mr. Morgan said that the association was open to any licensed trust company in Bermuda. The membership meets monthly on a formal basis.

"The vast majority of trust companies have signed up,'' said Mr. Morgan. "We consider it to be a major step forward. We went from just half a dozen trust companies in Bermuda to about 25, including some major names from around the world.

"It was that recent expansion of Bermuda's trust industry that led to the formation of BALT. It becomes the focal point for the discussion of trust issues facing Bermuda.

"We also hope to complement the Bermuda International Business Association in their effort to enhance Bermuda's appeal as the premier offshore business centre.

"The trust industry in Bermuda is expected to continue its history of excellent growth and quality of service, and BALT plans to play a major role in bringing the increasing numbers of local trust companies together for the benefit of Bermuda as a whole.'' Speaking of the aims of the trust association, Mr. Morgan said it would encourage trustee business conduct that was in accordance with the Trust Companies Act 1991 and with other relevant legislation and regulations, and encourage general fiduciary ethics and good business practices.

He said the association could provide a representative body for members to make representations and submissions to the Government with respect to the carrying on of trust and related business in Bermuda, and to the establishing of the association as the body to speak on behalf of its members.

BALT, he said, would encourage and support the study of trusts, and trust law and administration and allied subjects by education, through and with reference to other professional bodies.

One of the major initial efforts of the association would be in the area of training and education as the demand for qualified local staff "could only increase''.

MR. KENNETH MORGAN -- First president of the newly-formed BALT.