The Bank of Bermuda has positioned itself as a offering a full range of custodial services for mutual funds around the world.

Those efforts are paying off. The bank was chosen as one of two top offshore mutual funds custodians out of a survey of 20 banks by Global Custodian magazine. The bank was chosen along with State Street for its roll of honour in the offshore mutual funds category.

"For clients looking for a single service provider qualified and having critical mass in many offshore centres, the position of Bank of Bermuda and and State Street is unique,'' the magazine stated. "Bank of Bermuda, in particular, as an offshore specialist has a broader array of servicing in terms of jurisdictions than any other provider.'' Kathryn Siggins, who was appointed last month as general manager of corporate trust services, said providing global custody and related administration was a high growth area for the bank.

"We are enhancing our services and are expecting growth,'' she said.

She said the bank was also marketing itself to investment managers as being able to provide services for funds investing in emerging markets.

"It's a niche area and it's part and parcel of the increasing interest in providing shareholders with a broader range of choices. We are focusing providing custodial and related administration services for funds investing in markets that are new and innovative.'' In particular the bank is marketing its expertise in Eastern European markets, emerging Asian markets such as China and India, and in Africa.

The bank's statement for the financial year ended June 30, 1997 shows the global custody and administration services was a significant contributor to revenue.

Corporate trust fees brought in $26 million to total fee income, increasing by $1.1 million over the previous financial year and were the largest contributor to total fee income.