Marketing Bermuda’s Asset Management Sector
Bermuda’s asset management sector launched a high-level targeted business development roadshow in New York this week designed to attract asset management and fund business to Bermuda with an emphasis on the recent modernization of Bermuda’s fund legislation which facilitates fast-track fund registrations.
In collaboration, the Bermuda Ministry of Economic Development, the Bermuda Business Development Agency and its Asset Management Focus Group and Innovation Committee, along with a group of leading Bermuda business executives, lawyers, fund administrators and accountants, provided the necessary resources to support this business development initiative.
The initiative was launched with an exclusive reception at The Peninsula Hotel in New York on the evening of Tuesday, October 15th. The event was attended by more than 100 leading New York-based investment fund lawyers, accountants and financial services executives. Guests were specifically selected by Bermuda’s asset management community as key sources of fund business.
The reception included brief remarks from Dr. Grant Gibbons, Minister of Economic Development for Bermuda and Stephen E. Lund [pictured], CEO of Bermuda BDA where they delivered a message about Bermuda’s new efforts to attract asset management and fund business as well as introducing the Bermuda BDA and its efforts to market Bermuda in the U.S. and around the globe.
Mr. Lund noted the launch of a new international business concierge service and emphasized his focus on ensuring that Bermuda provides international businesses with superior service and support which will attract business and fulfill Bermuda BDA’s goal to create jobs and drive economic growth.
The reception event was followed on Wednesday [Oct 16], Thursday [Oct 17] and Friday [Oct 18] by three teams of Bermuda asset management sector experts conducting more than 50 one-on-one briefings and education meetings with leading law firms, accounting firms and prime brokers in New York.
Commenting on the business development efforts, Dr. Gibbons said, “We have listened closely to the fund industry in New York who told us that Bermuda needed to enhance its legislation to be more attractive to funds looking for new jurisdictions for their business. They also made clear that we need to be more aggressive and visible in the New York market. Our trip has been very successful, but it is just the beginning of ongoing, active and engaged support that will drive international business to Bermuda.”
Mr. Lund added, “This is an important first step in effectively marketing Bermuda’s asset management sector. The key to our long-term success will be in our follow-up and delivery. Bermuda BDA’s entire team will be intensely focused on ensuring that we provide anyone who is looking to do business in Bermuda with the resources and support to make that process simple, efficient and effective. Over the long-term, we feel this is the best way to attract businesses, create jobs and grow Bermuda’s economy.”
For anyone who remembers Mr. Lund from his days with Bank of Bermuda and BNTB (mid-90′s) it is obvious the BBDC selected the wrong candidate to lead the Island’s effort to attract IB back to the Island. He’s a nice guy, but with all of the same arrogant people involved, this is nothing more than a case of the blind (new guy) leading the blind (old guard). It’s too bas as there are many very good people in Bermuda with the knowledge and desire to make a real difference…but the usual cliques and networks of insiders will never let them have a say or make a meaningful contribution. There are too many insecure people who hold the positions they hold in Bermuda based on there surname and who they know rather than what they know or why they know it. The majority of individuals involved with the BBDC are more interested in preserving their standing as big fish in a small pond and taking all expense paid trips to every corner of the globe regardless of the strategic value to Bermuda rather than actually doing what may be necessary to get the Island back on its feet. Maybe someone should take a look at Mr. Lund’s compensation package to see what his real motivation is. My prediction is we will spend ten’s of millions of dollars in the next few years on empty “briefings” and black-tie galas at world class venues on ill-conceived and poorly planned junkets with little or nothing to show for it…other than successfully stroking the egos of those who’s contribution amounts to little or nothing of any value. It troubles me to say it, but unless someone steps in and stops this train wreck, Bermuda will end up NOT getting everything it deserves.
Man. You are salty.
Instead of pouring cold water on the whole initiative from the outset, why not wait to see if it bears fruit first? There are many people, including myself, who have never heard of Mr. Lund. You have maligned his character without providing ANY PROOF whatsoever and are attempting to taint the whole thing based on what? Your experiences with him?
You should reel it back in and wait to see if it bears fruit first. I for one, am glad that outreach is being made to improve our economy. If Bermuda waited for an individual that everyone agreed on before we acted, we would get nothing done.
Heavy insight! I wonder if this is the reason why few have commented on your post. Sounds like you are describing an Old Boys Network in play here! That is not good for IB, and it’s not good for Bermuda.
While this seems like a good event, I tend to agree somewhat with charlietuna. Mr. Lund is not a global thinker, nor is he globally connected. He’s definitely into building an empire for himself and those around him. I hope that everyone is carefully monitoring his success rate and his budget because he seems to think there is an endless supply of money and he has a somewhat questionable record from his earlier time here.