wave of new international business, says Finance Minister the Hon. David Saul.

He is hoping for a "boom'' in new mutual funds following lobbying by the Island at the World Economic Forum in Davos, Switzerland.

Dr. Saul headed a team of Bermuda business executives at the conference, which attracts top politicians, company heads and finance experts. He got back on Tuesday night.

The event is prized by VIPs for its behind-the-scenes sessions, where contacts are made and deals are struck.

Every year, Bermuda joins in the frenzy of lobbying. This year the local group included Bank of Bermuda president Mr. Donald Lines, bank president-to-be Mr.

Charles Vaughan-Johnson, lawyer Ms Lynda Milligan-Whyte, businessman Mr. J.C.

(Kit) Astwood, and head of the Chamber of Commerce international division Mr.

Adolf Luttke, along with their spouses.

They held a reception for more than 100 people from around the world. Dr. Saul and his wife also had dinner with his UK counterpart, Mr. Kenneth Clarke, tipped as the next British Prime Minister.

"We've been invited to Davos for the past five years,'' Dr. Saul said yesterday. "None of our competitors in the finance business, like Cayman or the Channel Islands, were there.

"The opportunity that is offered is to show the Bermuda flag and sell our wares, and explain how we can help business people as corporate entities and private individuals.

"I think you will probably see another boom in the mutual fund business as a consequence of this year.

"I think you will find a lot more will register in Bermuda. We have made them aware of the banking, accounting and legal structures here.'' Mutual funds are collections of stocks, bonds or other securities bought by investors and managed by professionals.

They present themselves as a way for individuals to invest in the stock market without having to do all the work, and take all the risks, themselves.

They are the fastest growing area of investing for ordinary Americans. Assets in mutual funds now total $2 trillion, about as much as the amount in US banks.

Dr. Saul had special praise for the lobbying skills of Ms Milligan-Whyte at the conference.

"She's in a league of her own. She really does sell Bermuda, and herself, very well.'' He also praised political and economic discussions held at the event. "It's an excellent think tank because it makes you re-think Bermuda's problems.

"For the last two years it's been about change and the opening up of the world's economy.

"We look at it as an opportunity for Bermuda to learn, and find out what it has to do to catch on to what is going to be the big move tomorrow.'' He was impressed by the themes of opening up and "getting into the real world''.

"It really hit me as Finance Minister -- how can we be right on our marks to take up the opportunities that are there for us?'' But he refused to talk about possible moves to relax foreign exchange controls in his Budget later this month.

"This side of the Budget I wouldn't say a thing. Anything that is being said is just speculation.''