Offshore financial centre of Labuan received a boost today with the listing of five funds by Anglo-Dutch trust group Insinger de Beaufort on its Internet-based stock exchange.

The secondary listing of Insinger's five funds on the Labuan International Financial Exchange (LFX) brought the number of financial instruments listed to eight since it was launched in November 2000.

LFX, wholly-owned by the Kuala Lumpur Stock Exchange, was established as a "trailblazer" to trade dollar-denominated financial instruments and securities targeting Asia-Pacific and developing nations.

Malaysia hopes to use the web-based market to win greater international recognition for the Labuan offshore financial centre off Borneo island, set up in 1990.

Insinger said the listing followed a recent partial relaxation in exchange measures by the central bank, allowing unit trust and fund managers to invest up to five million dollars overseas through the LFX.

Of the five funds, four have primary listings on the Luxembourg Stock Exchange and one on the Irish Stock Exchange.

New office

Insinger's Asia-Pacific managing director Frederik van Tuyll van Serooskerken said the company was the first international asset manager to list on the LFX.

"This listing forms part of our long-term growth plans within Asia while also enabling a transfer of technology and expertise within our trust and banking group to Labuan," he said.

Following the listing, Insinger would open a new office in Kuala Lumpur. Its other Asian operations are based in Hong Kong and Singapore.