Brazilian fund managers and investors were given an insight into the difference between Bermuda and other jurisdictions by a Bermuda International Business Association (BIBA)-led delegtation at the Terrapin Alternative Investment Summit 2009 held in Sao Paulo.

BIBA, who had spent the past two weeks at conferences in the Far East, jetted off to the South American country last week with a team of four business executives led by Kerry Judd, general manager of Aardvark Communications Ltd., a full member of the Association, and included Vincent Sarullo, managing director of Apex Fund Services, Scott Watson-Brown, a partner at PricewaterhouseCoopers and Benjamin Dyer, a partner at Conyers Dill & Pearman.

The Summit, which is in its second year, attracted more than 400 attendees made up of key executives, investors and decisions-makers within a range of companies who are guiding the Brazilian investment process of offshore investment.

As part of its sponsorship of the overall event, BIBA hosted a cocktail party on Tuesday night for all 400 delegates and the following day Mr. Watson-Brown hosted a round table discussion on infrastructure requirements for establishing offshore funds in Bermuda.

He highlighted the need to understand investor concerns and choose a jurisdiction accordingly, providing details on the regulatory regime required for setting up a fund on the Island and the fact that funds domiciled in Bermuda would be supported by quality service providers in the administration, accounting and legal and non-executive director fields.

"Brazil is one of the leading emerging markets and poses a great opportunity for Bermuda," said Ms Judd. "With the recent changes to CVM regulations 450 and 465, which now allow Brazilian based funds to have a portion of their assets invested offshore, Bermuda is in a prime position to capitalise on this new development by increasing awareness of the benefits of domiciling in Bermuda and establishing ourselves as the premier jurisdiction of choice to Brazilian investors, early on. Our presence here is critical."

Mr. Sarullo, who was representing BIBA on a summit panel focusing on structuring funds to attract international investors, highlighted the fact that today's investors are demanding a solid infrastructure from not only the investment manager, but from fund service providers to include the jurisdiction.

He said: "The fund that is domiciled in Bermuda, with its long established judicial structure and quality service providers is perfectly positioned to offer the security such investors are looking for."