Global Financial Services Fund invests in other mutual funds.

The target will be funds that invest in the financial service sector, such as banks, insurance companies and asset management firms. Last week Emerald launched The Emerald Health Care and Technology Fund.

Most of the new fund's assets will be advised by London-based Eldon Capital Management. Eldon specialises in investing in the financial service sector companies.

Eldon is affiliated with financial research firm Foxx-Pitt Kelton. The Emerald Global Financial Services Fund will make investments in Eldon's institutional European Financial portfolio. The fund is ranked fifth among European focused funds by the Micropal rating service.

Emerald president David Bolden said the new fund of funds gave investors an opportunity to participate in the Eldon fund.

"Emerald is very excited to be able to provide Bermuda investors with access to leading institutional managers, whose investment skills are normally only available to institutions and very wealthy private investors,'' he said in a statement. "In particular, this fund's concentration on investing in the leading European, US and offshore financial service companies provides investors with a unique opportunity to participate in the growth of one of the investment world's most dynamic growth industries.'' Eldon's lead portfolio manager, Julian St. Lawrence, will give a talk at the fund's launch today 5.30 p.m. at the Bermuda Underwater Exploration Institute.