Economic Development Minister to help promote Bermuda in New York

Dr. the Hon. Grant Gibbons J.P., M.P., Minister of Economic Development will joining a Bermuda delegation in New York to promote Bermuda as a leading jurisdiction for investment fund business.

The visit is strategically timed to follow the recent announcement of amendments to the Investment Funds Act of 2006 which will simplify the process to register funds in Bermuda. It will include several business development meetings with New York law firms, auditors, prime brokers and investment advisers. It will be highlighted by a reception hosted by the Bermuda Business Development Corporation (BBDC), in cooperation with the Government of Bermuda and the BBDC Asset Management Focus Group. The reception will be held on Tuesday, October 15th at the Peninsula Hotel in New York.

The Bermuda delegation includes Dr Gibbons, Ministry of Economic Development Permanent Secretary and BBDC Board Member, Ross Webber, BBDC CEO Stephen Lund, as well as senior representatives of local law firms, fund administrators and advisors.

The Minister and BBDC CEO Stephen Lund will address attendees and provide insight on Bermuda’s position as the intelligent jurisdiction of choice for asset management business.

Dr Gibbons said: “The Government, in close collaboration with industry and the BMA, recently modernized our Investment Funds Act to streamline the launch of investment funds in Bermuda. I am confident that these changes will advance our position as a leading international financial centre and a preferred location for those funds that are seeking a pristine quality jurisdiction. This trip to New York is an important part of this Government’s efforts to bring much needed investment and jobs to our local economy and I look forward to taking this critical step that can lead to a resurgence in this business which has long been a staple of Bermuda’s international business portfolio.”