A private sector group has been established to look at how an international fund services industry could be created in New Zealand.

The International Fund Services Development Group will consider the regulatory and other undertakings that would be required and how it could strengthen the funds management industry and capital markets, Economic Development Minister Gerry Brownlee said.

It could include making New Zealand a funds domicile, a legal home that is the centre of the fund's accounting and administration, Mr Brownlee said.

"In particular we need to improve our attractiveness to intermediaries who specialise in the administration and management of global funds and associated activities.

"Our transparent, stable and neutral legal systems, high quality regulatory and tax environments, deep pool of talent and unique time zone advantage together all mean New Zealand has a lot to offer, particularly in light of the global financial crisis."

In February, Prime Minister John Key said the government was exploring setting up an international financial hub in New Zealand.

The group is chaired by entrepreneur Craig Stobo.

Other members include Caniwi Capital Partners chairman and chief executive Troy Bowker, Citigroup New Zealand chief executive Mark Fitzgerald, BNP Paribas New Zealand chief executive Hugh Stevens and Tower Investments chief executive Sam Stubbs.

The group will report back by the end of May.