shareholders of the largest foreign investment fund operating in Chile.

On the agenda is a vote on a takeover bid of the $600-million GT Chile Growth Fund by London-based investment management company, Regent Kingpin Capital Management.

The bank is international custodian and administrator of GT Chile. Bank officers are also directors of the Cayman fund.

GT Chile's board has complained to UK regulators about Regent Kingpin, the firm that has mounted a battle for control of the fund against incumbent, GT Capital Management, based in San Francisco.

Mr. David Smith, the bank's vice president and general manager, Corporate Trust, said that shareholders "had requested a meeting which shall be held on October 23, at the bank's Compass Point offices.'' Regent Kingpin said last week that the Chilean Superintendency had determined that Regent's takeover plan needed no authorisation, as long as they remained within the Chilean law. Regent saw that as an endorsement or approval of the plan and released a statement saying that no further authorisation was required for their planned liquidation of the fund. But the superintendency later said its letter to Regent did not constitute approval.

The Financial Times reported that GT Chile's board complained to the UK Investment Managers' Regulatory Organisation that Regent Kingpin had made inaccurate statements.

Bloomberg reported last month that Regent Kingpin claimed control over almost 24 percent of the voting stock, including shareholders who supported the plan to partially liquidate the fund to pay back those who want to get out.

Regent, formed just this year, wants to take over the fund because it sells at a discount of about eight percent to the value of the stocks it holds. It currently manages about $200 million, and is a subsidiary of Regent Pacific, which was founded in 1990 and manages about $200 billion.