Partnerships will gain more of the same rights as businesses under amendments to the law that Government hopes will boost the Island’s asset management sector.

Economic Development Minister Grant Gibbons said the changes to the Partnership Act 1902 were designed to improve Bermuda’s product offering and increase Bermuda’s competitiveness as a jurisdiction of choice.

Dr Gibbons’ Ministry sponsored the four bills that have been passed by MPs and Senators with support from the Opposition Progressive Labour Party, as well as the governing One Bermuda Alliance.

“The fact that these Bills received bipartisan support in both the House of Assembly and the Senate indicates that these amendments are a necessary step in our continued efforts to modernise our laws, improve our products and maintain pace with the market.

“The vast majority of partnerships on the registry are private or closed investment funds, and we are taking a number of steps to stimulate growth in Bermuda’s asset management industry.

“This includes efforts to increase the number of asset managers in Bermuda. The efficiency and effectiveness with which we deliver solutions to the market is critical to sustaining Bermuda’s reputation as a premier international business centre and encouraging more businesses to establish offices in Bermuda.

“As of April 30, 2015, there were approximately 800 active funds in Bermuda, and we’re looking to increase that number. The current Bills, along with other legislative initiatives being advanced by the Ministry of Economic Development, are an important part of our efforts to achieve growth in this area.”

A Government statement read: “Several of the amendments will achieve parity among certain rights afforded to companies and those provided for partnerships.

“Some of the specific changes include: 1) increased flexibility and efficiency with respect to internal governance and administration of partnerships including changes in partners or in the partnership structure; 2) enabling partnerships to relocate to Bermuda from other jurisdictions; and 3) additional clarification on certain responsibilities of partners.”