of mutual funds, signalling a change in strategy by creating nine funds each managed by a different international portfolio manager.

The All Points Multi-Manager offers three bond and six equity classes of funds.

"All Points Multi-Manager represents a new direction in asset management for the bank and will be the bank's flagship investment product globally,'' the bank stated. "Its key objective is to provide both new and existing clients with consistently superior returns over the long term by accessing an unbiased selection of outstanding investment managers covering the world's core investment sectors.'' Mutual fund service vice president Eva Korpela said the funds had already received about $250 million in commitments at launch.

Investors in the five classes of equity fund currently managed in house by the bank are being contacted about the change in approach.

"The bank is suggesting that the possibility of merging the current funds into the new larger fund is in their best interests,'' Ms Korpela said.

The Bermuda Equity Fund is run by a team of three people at the bank.

Ms Korpela said the bank decided to create the new fund and chose different investment managers who were the best in each area.

"We recognise that no single firm has the advantage in any single market,'' she stated.

She said the multi-manager concept allowed investors to adjust their portfolios on a global basis according to where they foresaw the best returns.

The offering period runs from May 3 to 14. The minimum initial investment will be US$25,000 in any one portfolio. A front end load of up to five percent will be charged on investments. Once the company is approved for registration in Dublin, the bank hopes to list on the Irish Stock Exchange and the Hong Kong Stock Exchange.

All Points Multi-Manager PORTFOLIOS: ADVISORS: US Large CapAlliance Capital US Small CapWarburg Pincus Asian EquitySchroders High yield bondBridgewater Associates Global bondJ.P. Morgan Short duration bondBlackRock Financial UK equityBaring Asset Management European equityInvesco GT Japanese equityGlobal Asset Management