The Bermuda Business Development Agency partnered with Bloomberg Government in May to host “The Future of International Business Deals: How to Position for Long-Term Growth.” Hosted at Bloomberg’s New York headquarters, more than 150 executives from companies such as AIG, Bank of America, Barclays, HSBC, J.P. Morgan and Oppenheimer attended, representing decades of experience in international tax, wealth management, M&A and investment planning.
Mike Bloomberg, founder of Bloomberg L.P. and three-term mayor of New York City, opened the event saying, “the island plays a special role in the global economy; it helps to fuel growth and support jobs through trade and investments, so we have stake in Bermuda's growth and also in some of the changes that are taking place in the world.”
Bloomberg introduced Bermuda Premier Michael Dunkley for a live, half-hour “fireside chat” with Bloomberg News Editor-in-Chief Emeritus Matt Winkler. The interview covered the attraction of Bermuda to foreign investors, the island market's growth, high performance and recent diversification, and the safe harbor Bermuda offers amid geopolitical uncertainty triggered by Brexit and possible corporate tax reform in the United States.
Winkler noted there were 25 Russell 3000 Index members currently domiciled in Bermuda, with a total market capitalization of $91 billion. As for M&A activity on the island, Winkler said, “Foreign acquirers spent $9.55 billion, a record amount of money at least in the past 12 years, for assets in Bermuda last year. The 39.4-percent premium the buyers had to pay was also the highest. So, the value of Bermuda is going up; it's at an all-time high."
Premier Dunkley's interview was followed by panel discussions examining transformative forces impacting the global business landscape, including changes to regulations and tax policies around the world. The expert panelists represented viewpoints from a variety of industries, including tax, family wealth, private equity and hedge funds.
This event, like other events convened by Bermuda across the U.S. and Canada, demonstrated the high level of interest by North American executives in asset management, trusts, private equity, family wealth, re/insurance, life sciences and tech, and in what Bermuda can offer to improve their bottom line.
For more information on how you can join your peers at an upcoming event featuring Bermuda’s business leaders, click “Contact Us” at http://www.investinginbermuda.com/.