announced its first dividend of 29 cents per preferred share.

The dividend, on the company's 846,000 convertible redeemable voting 9.75 percent preferred shares, is payable July 11 to shareholders of record June 30.

Hemisphere, which successfully completed its initial public offering in November 1994, provides management, accounting and trust services to international clients from its offices in Bermuda and the Cayman Islands.

The group's clients include offshore mutual funds, trading, insurance, investment holding companies and trusts.