Plc agreed to establish a fund, valued at 1 billion ($1.65 billion), to acquire pieces of Britain's public infrastructure.

The British government is considering a plan to involve private finance in managing and owning public businesses rather than privatising them through share offerings. The fund will be known as Serco Nomura Infrastructure Fund, and its first targets could include the British air-traffic-control system, which is at the top of the government's privatization list, and the London Underground subway system, observers said.

Serco is already involved in a number of major outsourcing projects, both in Britain and overseas. These include the British warning defense system, the Docklands Light Railway, Australia's Great Southern Railway and the Bermuda airport.

NAME CHANGE GET GREEN LIGHT BUC Name change gets green light Bermuda-based Exel Ltd. yesterday reported that shareholders have voted to change the company's name to XL Capital Ltd.

The company will formally introduce the new name and corporate logo on February 15.

"We are pleased with the level of shareholder support for our new name,'' Exel president and chief executive officer Brian O'Hara said. "We believe it reflects the focus and purpose of our holding company to create and provide financial and intellectual capital for our operating subsidiaries.'' BSX APPROVES NEW LISTING STK BSX approves new listing The Bermuda Stock Exchange has approved the listing of shares of the Van Eck India Small Companies Fund. The fund is an open-ended investment company incorporated in the Cayman Islands. "The fund's objective is to seek significant capital appreciation though its policy of investing in the securities of companies most likely to benefit from the accelerating growth in the deregulating Indian and other subcontinent market economies,'' a press release stated.