Island's latest trust company this week, at Corner House, 37 Church street in Hamilton.

And he chose the occasion to remind those attending the reception that Royal Trust (Bermuda) Limited's new parent company, the Royal Bank of Canada, was associated with the Bank of Bermuda's beginnings in 1875.

The Royal Trust obtained its trust licence in July, and key bank executives, here for the opening, remarked that the company was seeking to bring new business to the Island for a long time to come.

Major players from the Island's financial world were present for the reception. The banks were represented by their top guns.

Royal Trust provides investment and asset management, trust, and securities custody services to personal and institutional clients.

Personal banking services are provided through a network of domestic branches which offer personal intermediation, personal trust and investment products.

Royal Trust is also responsible for the asset management, production management and marketing of 20 mutual funds.

Chairman of the Board, Mr. Laurent M. Joly, Senior Vice President, Global Private Banking of the Royal Bank of Canada in London, England, said that the institutions that he represents stretches around the globe. Bermuda, he said, was a key location for the corporate network.

"There are significant new potential opportunities for offshore business. New investment vehicles are being created everyday. We are here to help people invest outside of Canada. There are large segments of our international client base who already feel positive about Bermuda,'' he said.

The bank's Vice President, Private Banking, Mr. Bruce M. Gray, of Montreal remarked at the tremendously large worldwide system of the bank and how "Bermuda can be, overtime, a complementary part of our network''. "Bermuda is not difficult to sell. People know it and understand it.'' Chartered Accountant Mr. Michael J. Lagopoulos, Managing Director and Vice President of the Royal Bank's Jersey operations and the Royal Bank of Canada Trust Company (Jersey) Ltd., pointed out: "There are a number of our clients who are looking to invest -- both private and institutional clients. Bermuda's an excellent place because it is tax neutral, very well known, very well respected and very well regulated.

"We've been asked about it before, and now we are glad to be able to deliver that capability.'' Royal Trust (Bermuda) Ltd. Managing Director, Mr. Shiraz Chatur, pressed the point: "Bermuda is triple `A'. Everything works. It's a jurisdiction that we are very happy to be in.'' He is joined in the Bermuda office by office manager and accountant, Miss Susan Fairhurst. The trust company will be overseen by Mr. David Gale, the bank's Vice President for Bermuda, Bahamas and the Cayman Islands.

The significant commitment to a physical presence here say members of the board is evidence of their belief in the Bermuda product.

The Royal Bank of Canada is that country's largest financial institution with assets put last October at Cdn$165-billion. And as a result of the acquisition of Royal Trust in September, assets under administration and assets under management now total Cdn$269-billion and Cdn$27-billion respectively.

That's not bad for a bank that just three or four years earlier was restrained by Canadian regulations that prohibited banks from owning trust companies.

Internationally, the bank ranks among the 50 largest in the world, serving Europe, United States, Asia, Latin America and the Caribbean.

Royal Trust is just the most recent financial jewel added to the Royal Bank's crown. It is the largest Canadian trust company, added to the largest investment banker and the largest retail and commercial banking market, occupying some 25 percent of the entire Canadian market.

BOARD MEETING -- Board members of Royal Trust (Bermuda) Ltd, (from left) Chairman Mr. Laurent M Joly, Mr. Bruce M. Gray, Mr. Michael J. Lagopoulosand Mr. Shiraz Chatur. Other members of the board not pictured are Miss Susan Fairhurst and Mr. David C. Gale.