local business community by resigning after 20 years at the bank, has joined Grosvenor Management.

Yesterday, on his first day at the investment management company, Mr. Dolan said the move made "perfect sense'' as together the company's three-strong staff had between them notched up 70 years trust and investment experience.

Mr. Dolan has been appointed managing director, investment management and finance.

Grosvenor founder and president Mr. Norman Holbrow was formerly senior officer of banking and executive director of the Bank of Bermuda's three main trust companies: Bermuda Trust Company Ltd., Bermuda Trust Company (Guernsey) and Bermuda Trust Company (Far East).

Mr. Gordon Howard, former manager of the personal trust and private banking division of Bermuda Trust Company Ltd., is Grosvenor's managing director, trust and corporate administration.

He joined the firm early last month.

"I had a number of offers, including some from overseas, but I have known Gordon and Norman for 20 years and felt their trust experience and my investment management experience made us a natural fit,'' said Mr. Dolan.

He denied Grosvenor Management was in discussion with Mr. Donald Manuel, the most recent senior manager to resign from the Bank of Bermuda, about joining Grosvenor Management.

Mr. Dolan said that he would work on a unique cost-efficient investment service at Grosvenor.

"In terms of investment portfolio management, Grosvenor will identify the best investment management groups.

"We are in the process of registering exclusive agreements with a investment consultant based in London and Switzerland.

"The consultant will work to identify the best managers in order to provide added value service to high net worth individuals.

"This service is normally only available to institutional and pension fund management, but is now offered to private high net worth individuals.

"We will negotiate fees for clients, that will reduce the fee base and improve their portfolio performance from money market funds, by selecting and monitoring their investment managers and thereby enhancing returns and controlling risks and reducing charges.

"There is no similar private client asset management service in the world, that we are aware of offering this service,'' he said.

Mr. Dolan resigned as chairman of the Bermuda Stock Exchange on October 15.

"In my letter of resignation, I mentioned I was pleased with the progress that had been made, especially the development of the international aspects of the Exchange,'' said Mr. Dolan.

The Bank of Bermuda would not lose business to Grosvenor as the management company offers a different service, said Mr. Dolan.

"We are looking at a different approach to investment that provides added value for individuals,'' he said.

MR. BILL DOLAN -- move to Grosvenor Management made "perfect sense.''