A group of experts brought together to examine opportunities for growth in Bermuda’s asset management industry has suggested that Government may need to consider new ways to attract more of this type of business to the Island, including adding additional skilled staff.Business Development Minister Patrice Minors told the House of Assembly on Friday that the Bermuda Asset Management Task Force established by her Ministry in January this year had produced an interim report which has been shared with the Cabinet.Her comments came as the latest data from financial regulator the Bermuda Monetary Authority showed that the Island’s 900 investment funds had a net asset value of $178.44 billion at the end of 2010.This represented an increase of $2.85 billion, or 1.6 percent during the fourth quarter of last year and growth of $31.14 billion, or 21.1 percent from the end of 2009. The BMA added that this increase was “in line with general trends in the global fund market”.However the total net asset value of Bermuda’s funds is still down by more than 28 percent from its pre-financial crisis peak of almost $250 billion in the first quarter of 2008, when there were 1,315 funds.Bermuda is not considBermuda is not considered a major global player in asset management and Ms Minors said that the aim of the task force exercise was “to explore how the Bermuda model could be enhanced in the wake of changes undergone by this industry since 2007”.The task force committee was made up of asset managers, bankers, lawyers and accountants, as well as representatives of financial regulator the Bermuda Monetary Authority and the Ministry of Business Development and Tourism.“The report notes that while the asset management sector can provide tremendous opportunities for Bermuda, to be competitive, the Government may need to consider new ways to attract more of this business to Bermuda,” Ms Minors told MPs.“The report also notes that while Bermuda’s trust and private client business continues to grow, the investment industry has failed to leverage off of contacts in this arena, given the nexus between private wealth and the investment industry.”She added that the task force had submitted recommendations on matters including vision and strategy, development and implementation of a new plan, talent development and commercial advocacy.“The report states that the future success of Bermuda’s asset management sector hinges on our ability to attract international investors as well as additional expertise,” she added.Ms Minors welcomed the task force’s interim report and described it as a major milestone in the Government’s diversification plans. Premier and Finance Minister Paula Cox has made it clear that she wants to find ways to diversify the economy.“The expansion of the asset management sector supports the Government’s mandate to expand the economy, to create jobs for Bermudians, and to increase revenue through the continued promotion and development of Bermuda as a first-tier international financial centre,” Ms Minors added.