expansion.

The company has teamed up with US investment giant Salomon Smith Barney and Boston-based Massachusetts Financial Services Institutional Advisors, Inc. to back its activities in Bermuda.

Gibbons Investment Management is one arm of the financial services put together by the Gibbons Group of Companies. Gibbons Financial Services includes Gibbons Deposit Co., Gibbons Investment Management, Gibbons Trust Co.

Ltd., and GO Card Ltd.

Gibbons Investment Management, formed last year, is also a trading member of the Bermuda Stock Exchange through its subsidiary Gibbons Brokerage Services.

Company senior vice president Sean Kelly said the link up with Salomon Smith will give Gibbons Investment access to the firm's global investment services.

"With access to $400 billion in customer assets, state-of-the -art technology and an award winning research department, Salomon Smith Barney gives us the sophisticated trading capabilities and `first class' back-office support required to compete globally on behalf of our clients who are looking for personalised service with real added value,'' he said.

Massachusetts Financial Services will provide research services to Gibbons.

Mr. Kelly was previously with the Bank of N.T. Butterfield and Son Ltd.

investment department, and was responsible for high-net worth individuals and the Butterfield Bermuda Fund.

Gibbons Investment currently manages about $150 million in assets.

Gibbons' investment arm is also restructuring its mutual funds. The company's Cayber Funds is currently run as an umbrella structure for managing private clients' money. Since 1990 there have been five classes of funds under Cayber.

The funds will be renamed and the number of classes will be increased to get global coverage.

The funds will be relaunched under a new structure and listed on the Cayman Stock Exchange.

In the future Gibbons Investment plans to expand its relationship with Salomon Smith though global custody services. Mr. Kelly said over the next 12 months the company will be targeting providing discretionary investment management for high and mid-net worth individuals.

At the end of one year Mr. Kelly plans on marketing no load mutual funds in the local market.

"Bermuda's market is a little behind,'' he said. "We want to bring in a series of mutual funds on a no load basis. If investors want some advisory services we can give them that for a minimal fee.'' Gibbons Deposit has been in business for about 50 years and has about $260 million in assets. Gibbons Deposit recently expanded its offices at Gibbons Co. on Reid Street and more staff are being hired.

The chairman of the family-owned Gibbons Group is Sir David Gibbons who retired as chairman from the Bank of Butterfield last year. The group also owns Colonial Insurance Co. Ltd., which has operations in the British Virgin Islands, Bahamas and the Cayman Islands. Colonial has been working with Gibbons Investment to develop pension products for the local market.

Gibbons Trust, incorporated last year, is headed by lawyer Tom Gibbons, the legal secretary at Colonial.