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The Bermudian

Standing L to R: Curtis Dickinson, Group Head of Private Banking; Nir Sadeh, Head of Private Banking, Bermuda & Cayman Islands; John Richmond, Managing Director, Butterfield Trust (Bermuda) Ltd.; Shane English, Investor Services; Andy Baron, Chief Investment Officer; Dwayne Outerbridge, Group Head of Asset Management. Seated L to R: Jenny Kane, Wealth Group Operating Officer; Wayne Chapman, Wealth Management Senior Advisor; Nancy Pitman, Group Wealth Risk & Control Officer; Michael Neff, Group Head of Wealth Management

Business Name: Butterfield 

Address: 65 Front Street Hamilton, HM 12, Bermuda

Phone: (441) 299-3817

Fax: (441) 292-9947

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Website: www.butterfieldgroup.com 

Mailing Address: 65 Front Street Hamilton, HM 12, Bermuda

Services: A full-service wealth management company serving high net worth individuals, trusts and institutions

Year Founded: 1858

 

 


 

 

Butterfield, established in 1858 as Bermuda’s first bank, today remains at the vanguard of financial services on the island.  Under the direction of a new management team, and on the heels of a highly successful initial public offering in the US last year, it has made a strategic priority of expanding and enhancing its wealth management services to meet the increasingly sophisticated demands of island residents for banking, custody, investment management and fiduciary services.

 

In 2016, Butterfield acquired the private banking investment management and trust business of HSBC Bermuda, and is now the island’s largest wealth manager, with a team of more than 150 professionals specialising in private banking, asset management and trust.  

 

For both clients and the employees involved, the integration of the top two wealth management firms on the Island went smoothly, and has been followed by an unprecedented level of client retention among the client bases of both companies.  With its expanded client base, Butterfield now manages close to $3.8 billion in assets in Bermuda alone, and has more than $63.8 billion of assets under administration locally.  Internationally, Butterfield has AUM of $4.9 billion and AUA of $111.4 billion; operations of a scale that allow the company to access third-party expertise (in investment research and portfolio modelling) that is unavailable to most independent wealth managers. 

 

The amalgamation has also enabled Butterfield to build on its core operations to establish a wealth management business that offers a broader range of integrated services for private clients under one roof, ranging from self-directed brokerage to discretionary investment management, bespoke private banking services and sophisticated trust solutions for the preservation, management and transference of wealth across generations. 

 

These services are supported by cutting-edge asset management tools, including new risk assessment analytics capability that marries risk and return and enables deep quantitative analysis; a strategic planning capability that supports formation and execution of financial plans; and advanced mobile and online platforms for clients.

 

Wealth management is a core business for Butterfield, and central to its international growth plans.  The company also has wealth and trust offices in Guernsey and the Cayman Islands, and other important international financial centres.  To complement its international presence and services for high-net-worth clients, Butterfield recently established a mortgage operation in London to support clients with their UK real estate interests.

 

Butterfield clients enjoy the services of dedicated relationship managers who bring to bear the full resources of Butterfield Group—banking and cash management, asset management, trust and custody services—to address their specific needs and preferences.  Butterfield’s disciplined approach to wealth management ensures that protection and preservation of capital is a priority. 

 

Functioning as an independent wealth manager that is product-agnostic and under no obligation to sell a particular instrument, the asset management team at Butterfield is able to offer an independent view of market conditions informed by input from well-known third-party providers of investment research and modelling. As a result, they can create bespoke solutions based purely on individual needs, something that isn’t always possible in bank-owned investment management firms.

 

Asset management and banking services are complemented by an independently-minded network of trust companies within the Butterfield Group.  Butterfield’s trust professionals work alongside private bankers and asset managers to provide clients an even wider range of international structures and solutions for the protection, management, use and transfer of assets across generations.

 

Bringing world-class capabilities and global resources, Butterfield has extended its reputation as a trusted adviser that can capitalise on its unique combination of access to bank, wealth management and fiduciary services.  Through organic growth and a transformational acquisition, it has evolved to offer an exceptional wealth management offering to local and international clients that rival the best available options in the world.

 

Figures as of June 2017

 

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