the Bermuda Stock Exchange (BSX). This makes it the second foreign company to join the BSX along with Nomura Securities (Bermuda) Ltd., which became a member last year.

Tremont is in the hedge fund business as an investment and financial consultant to institutions and private clients. Tremont plans to use its BSX membership to eventually sponsor listings of its hedge fund clients.

Tremont (Bermuda) Ltd., a subsidiary of the Rye, New York parent company, set up offices at Park Road in 1994. Last year affiliate Tremont Capital was set up to join the BSX as a broker member. Tremont has six staff in Bermuda and 36 in total. The company also has an insurance affiliate, Tremont International Insurance Ltd., based in the Cayman Islands.

Johann Wong, President of both Bermuda-based companies, said Tremont set up on the Island to meet the needs of its non-US clients. The company's clients also wanted to take advantage of a BSX listing.

"We are clearly committed to realising a lot of our business and opportunities in the Bermuda market,'' Mr. Wong said. "... Bermuda offers some some competitive advantages to Ireland and Luxembourg. A listing here is a logical extension of our existing services.'' Tremont focuses on advising clients how to set up a portfolio of funds or a "fund of funds'' and also acts as a consultant for offshore funds looking to set up single manager funds. All are performance fee based hedge funds.

"We advise single managers or individual hedge funds when they want to set up,'' Mr. Wong said. "We raise capital for them. We advise them in the capital raising process and on some of the management and administration issues.'' Tremont provides advice to hedge funds with total assets of about $2.5 billion.

"We are fairly well known in the hedge fund area,'' Mr. Wong said. "It's a fairly private marketplace. Some of the funds we advise on are rated among the top funds in the hedge fund universe.'' Tremont becomes the ninth trading member of the BSX, along with Nomura, part of Nomura Securities Co. Ltd. of Tokyo, and local companies First Bermuda Financial Services Ltd., Lines Overseas Management Ltd., Matheson Investment Management (Bermuda) Ltd., MRM Securities Ltd., the Bank of Bermuda, the Bank of N.T. Butterfield and Son Ltd., and Bermuda Commercial Bank.

Membership in the exchange was opened up in 1995 by the three local banks.