Tax law changes that were expected to hurt the mutual fund business in Bermuda appear to have had little effect on industry growth there.

There was no exodus of funds and fund-related business from Bermuda last year, said attorneys and accountants in the U.S. and Bermuda. Fund executives said they were surprised by the lack of reaction to a change in U.S. tax law which made it easier for fund companies to register their funds in Bermuda but move operations to the U.S. without subjecting themselves to U.S. taxes.

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