Lawyer Mr.Simon Attiyah, of Bermuda legal advisors Milligan-Whyte and Smith, said that the fund was originally launched in July with initial capital of $100 million. He estimates having travelled 40,000 miles in putting the fund together.

"The fund now has a total value of $230 million. In six months following the launch, we saw a return of 46 per cent, when the fund went from $100 million to $146 million,'' he said. "The original issue was of ordinary shares. The new money came from an issue of preference shares. The two portfolios are being invested separately until most of the new money is invested and then the two will be merged with the preference shares being converted into ordinary shares.'' The mutual fund has global connections. It invested in a Mauritius company, its wholly-owned subsidiary, Indian Opportunities Fund (Mauritius) Ltd., which invests in an Indian unit trust, and benefits from a double tax treaty.

The treaty relieves Mauritius companies of certain taxes that would be payable on dividends coming out of India and on capital gains realised out of an Indian investment.

Shares of the Bermuda company are listed on the Irish stock exchange. The placing agent, or the people responsible for raising the money is Hong Kong based, Credit Lyonnais Securities (Asia) Ltd.

Investors are from the UK, North America, Hong Kong and other parts of the Far East. Strategic investment adviser is Martin Currie Investment Management Ltd.

The Bermuda Commercial Bank's subsidiary, International Corporate Management of Bermuda Ltd., is the registrar. Auditors are Price Waterhouse in Bermuda and Mauritius.

Mr. Simon Attiyah.