By LISA S. KING

Freeport News Reporter

lisa@nasguard.com

In an era when experts describe wealth management as the most profitable and fastest growing aspect of financial services, The Bahamas is being hailed as the leading private wealth management centre in the region.

Making this statement to organizers and participants of the Association of International Banks and Trust Companies in The Bahamas' (AIBT) annual conference, Financial Services and Investment Minister Allyson Maynard-Gibson revealed that in consultation with many international banks and trust companies operating in The Bahamas, she was informed that the country was chosen by their head offices because of this fact.

She pointed out however, that an awareness of this fact and the need to clearly understand and define what makes The Bahamas attractive and keep it on the cutting edge of competition is what led the Bahamas Financial Services Board (BFSB) and a private research firm to conduct a careful analysis and reassessment of the five-year strategic plan promoted by the government.

"This is why conferences such as this are so important. Today's client is sophisticated, price sensitive, knows what (s)he wants and knows how to get and does get information about new products and jurisdictions," she said.

"I believe that this conference can become a leading conference relating to private banking. It also provides a unique forum for a cross section of interested parties, national and international to come together to agree on agendas and issues facing international financial centres and the approaches that may be taken to address these issues and to remain competitive."

The Financial services and Investment minister said research shows that North America continues to be an attractive arena for private wealth management business. Over the next five years, it is expected to continue to have significant growth in high net worth individuals.

She added that South America and China are markets that the Bahamas should also target as these will also sustain significant growth.

"They are markets whose requirements must be carefully evaluated and understood," she said. "We in turn must carefully analyze the extent to which catering to this or any other markets accords with national goals and objectives.

"This event will also empower Bahamian professionals in the financial services sector to hone their technical capabilities and enhance their "intellectual capital" that will significantly contribute to the economic growth and development of the sector in The Bahamas."

In response to private sector requests, by the end of 2004, Minister Maynard-Gibson said the Government had enacted amendments to the Trustee Act, the Perpetuities Act and the International Business Companies Act. She said they also passed new product legislation relating to Segregated Accounts Companies, Foundations and Purpose Trusts.

She said in recognizing the need to deliver services in an affordable, convenient and efficient manner, special emphasis will be placed on streamlining the regulatory regime and promoting consultation, training and career development of expertise to service more clients.

"The government is committed to financial services as a means for transforming our economy and transforming the quality of life of our people," she said. "We are especially proud of the close relationship that has been forged and continues to be enhanced between the public and private sector in financial services and other sectors of our economy."

The conference which also serves as a valuable forum for the exchange of ideas and experiences with regard to the various relevant issues, included topics like: International Tax issues, Client Life Cycles, Regulation, Risk Management and especially Investment Strategies as it relates to "Achieving Excellence in Wealth Management."

ALLYSON MAYNARD-GIBSON