a sister company, Grosvenor Trust Company.

Mr. Norman Holbrow, who set up Grosvenor Management in August last year, said the establishment of a trust company was a natural progression for a management company.

Grosvenor Management provides off-shore corporate and investment services for both private individuals and corporations.

"Potential and existing clients require that their trustees be a trust company, as opposed to individuals,'' said Mr. Holbrow.

Mr. Holbrow is president and a director of the new trust company.

He formerly served on the executive of the Bank of Bermuda, and was managing director of Bermuda Trust Company, and more recently an executive director of the latter company, Bermuda Trust (Far East) and Bermuda Trust Company (Guernsey).

Mr. Holbrow said confidence in the individual administering the trust was of paramount importance.

"A trustee's role is similar to a doctor or a dentist,'' said Mr. Holbrow.

"A trust has to be administered by someone who gives confidence. Once an individual has confidence in that individual, he or she hates change''.

Other directors and officer of Grosvenor Trust Company include Mr. Christopher Whittle, who is executive vice president and director of finance at the new trust company, as well as a director.

Mr. Whittle was a founding partner of accountancy firm Whittle Cordon, now Kempe & Whittle and, until his retirement from the firm in 1990, was managing partner of the Bermuda office of Ernst & Young.

Mr. Gordon Howard is Grosvenor Trust Company's senior vice president and a director. He was previously the manager, private banking and trust development at the Bermuda Trust Company.

Mr. Bill Dolan is a non executive director of Grosvenor Trust Company. He was formerly the managing director of Bermuda International Securities, the investment and securities subsidiary of the Bank of Bermuda.

Sir Michael Edwardes, a former chairman of several major UK companies, is also a non executive director of the new trust company, and has no intention of being a sleeping director, said Mr. Holbrow.

"He is an incisive and decisive man,'' said Mr. Holbrow.

Sir Michael's name has been in the local news recently, related to his backing of Bermuda International Telecom's bid for a licence to act as a long distance telephone call operator.

Among major UK companies he was been involved with are Mercury Communications Ltd., ICL plc and BL plc.

In the meantime, Grosvenor Management has launched a portfolio enhancement programme, which offers high net worth individuals an analytical assessment of the performance of their advisers.

Grosvenor Management has struck up an allegiance with a Geneva-based company called Bede & Co. S.A, which specialises in investment management selection and performance analysis.

"To the best of our knowledge no similar private client asset management service exists anywhere in the world,'' said Mr. Holbrow.