allowing it to provide investment advisory and management services to local companies and trustees.

Schroders (Bermuda), the subsidiary of leading merchant and investment banking group, Schroders Plc, will be involved at the wholesale end of the market, providing these services to Bermudian banks, securities dealers and trust companies.

The company hosted a private reception and symposium last night at the Royal Bermuda Yacht Club to announce its change in focus and to present its investment views.

Professionals in the insurance, trust, banking and financial services industries were present to hear top guns from Schroders talk about the changes.

Leading the group was Schroders Plc vice chairman Mr. Peter Sedgwick. Also there were Schroders (Bermuda) president Mr. Richard Crowder, chief economist of the Schroders Group Mr. Keith Wade, chairman of the private clients, London Mr. Roger Hills and managing director of Schroder International Fixed Income, New York Mr. David Gibson.

Mr. Wade also delivered a luncheon speech yesterday on "Economic Prospects in the Major Economies'' to a meeting of the Bermuda Society of Financial Analysts.

With the licence under section 129A of The Companies Act, 1981 to carry on business with Bermudian companies, Schroders (Bermuda) Ltd. has employed investment personnel locally.

Ms Liana Watkinson, a Bermudian with 10 years experience in the investment industry and a qualified Chartered Financial Analyst, has joined the firm to head the new investment department.

Assisting her is Ms Lisa Hansford-Smith, a Bermudian who has been with the firm for three years.

The local investment team will be responsible for the building and maintaining of relationships in the Caribbean and in Bermuda, with the global network of economists, analysts, fund managers and investment personnel of the group assisting them.

Schroders Plc, a FTSE 100 firm, is the holding company. Its senior investment subsidiary is Schroder Investment Management Ltd., which has more than $100 billion under management. It is one of the largest international investment management houses.