Her fluency in French was one of the factors for Cheryl Packwood deciding the Bermuda International Business Association (BIBA) would hold a reception in Paris after attending the MARHedge 12th Annual European Conference in Geneva.

The choice proved to be a good one and is set to lead to a follow-up after a representative of a leading law firm told the Bermuda delegation that he wanted them to come back so that he could bring his entire team to hear what Bermuda offered.

The growing importance of hedge fund business in Europe was underlined when the issue being put high on the agenda of the G7 meeting in Germany.

Luring hedge funds to Bermuda was one of the aims of the BIBA reception in Paris where a positive picture was given to portray the Island and what it has to offer compared with rival offshore jurisdictions such as the Channel Islands, British Virgin Islands and Cayman Islands.

Ms Packwood, chief executive of BIBA, is optimistic about the impact of that reception and what it might achieve in follow up action by BIBA.

?There is a lot of potential business to be had in Europe and its a new market. Hedge funds were a big issue for the G7 summit and are growing in Europe,? said Ms Packwood.

A law firm that represents hedge fund clients in Europe, and has no vested interest in placing those business in any particular offshore location expressed strong interest in Bermuda after hearing the BIBA presentation, which featured the Island?s history, its location within financial sectors, its ?good housekeeping seal of approval? and reputation and its never having appeared on a financial ?black list?.

Bermuda?s banking trusts, hedge funds, reinsurance sector and captives and the Island?s standing as the world?s second insurance capital after New York were all highlighted and led to Ms Packwood and BIBA being asked to return to give another presentation.

BIBA decided to look beyond the usual cities of New York and London to hold its reception and decided on Paris, one of the reasons being Ms Packwood?s fluency in French which allowed her to give the presentation in two languages.

?It was a small turnout, but the people that came were more enthusiastic than at the larger receptions,? said the CEO.

Some might ask if Bermuda, already awash with international businesses and fund management, can accommodate even more. But that is not an issue, said Ms Packwood. There is room for additional business and funds can either be managed or simply registered in Bermuda, she pointed out.

BIBA is to follow up with contacts and interest made on its European excursion later in the year when it attends further conferences in Europe.