The potential for growth in Bermuda’s international business from the asset management sector is “huge”, according to industry expert Jessel Mendes.

Mr Mendes, a partner with global professional services firm EY, said the foundations for expansion had been laid and a concerted effort was needed to bring asset managers to the Island.

Mr Mendes was speaking after last week’s EY Global Hedge Fund Symposium, Bermuda, attracted some 100 senior level asset management executives, including chief investment officers, heads of local fund administrators, law firm partners, asset managers, members of government and the financial regulator the BMA, as well as EY executives.

“There is a good feeling in our local asset management space: Government, industry and our regulator are all on the same page with regard to the importance of this industry to Bermuda’s economy,” Mr Mendes told The Royal Gazette.

“The teaming, developments and journey thus far, continue to be gratifying. Our local asset management community is globally connected; and we need to leverage our collective relationships to bring business to Bermuda.

“The foundation has been set, the opportunities exist, and the potential is huge.

“We need to continue to capitalise with aggressive and immediate action focused on business development and, in my opinion, we will all be rewarded.”

He added: “EY is delighted with the outcome of our symposium, grateful to all who attended and participated, and encouraged by the feedback.”

Topics covered at the event included global hedge fund industry developments, what locally-based asset managers and service providers are dealing with, major issues for investors, and Bermuda’s international business environment.

The consistent theme was around growth and growth management.

Premier Michael Dunkley and Economic Development Minister Grant Gibbons participated in a panel. Organisers said that during the discussion, the two Cabinet members touched on the foundation for growth and the strategy built over the past few years in asset management — one of a clear vision, mitigation of systemic issues, being welcoming as a jurisdiction, increasing the teaming and level of engagement by all (Government, industry and the BMA) in the Island’s asset management space, as well as aggressively selling Bermuda’s asset management capabilities.

EY stated: “Bermuda is currently seeing onshore hedge fund managers launching reinsurance vehicles, locally based insurance companies launching asset management firms, and asset managers launching funds with insurance strategies. This is resulting in the use of Bermuda’s fund products; lawyers, fund administrators and other service providers are picking up new mandates and employment opportunities are being created.”