N.T. Butterfield & Son Ltd has acquired the entire share capital of Bentley Reid Group, a privately-held, international wealth management company with offices in Hong Kong, London and Malta.
Established in 1979, Bentley Reid Group provides financial and tax advisory and investment management services to private clients and charities from offices in Hong Kong and London.
Through its Malta-based subsidiary, Bentley Trust, the group provides trust and company formation and administration on an international, multi-jurisdictional basis. Bentley Reid Group has close to half a billion dollars in assets under discretionary management and approximately $2 billion in assets under advice and administration.
Alan Thompson, Butterfield Bank's president and CEO, said: "This transaction represents an important strategic milestone, as wealth management is a core business for Butterfield Bank. Expanding our private client services to new international markets and acquiring wealth management clientele is central to our growth strategy".
Earlier this month, the bank announced the expansion of its Swiss operations with the establishment of a trust company in Geneva, following the establishment of a subsidiary in Zurich in late 2006.
"In Bentley Reid, we have acquired a well-established, prestigious group whose operations and personnel are an excellent fit with those of the Bank. The deal increases our existing private client business and allows us to extend our relationship-focused service model to new markets," Graham Brooks, executive vice president of Butterfield Bank, said.
"The Hong Kong presence will provide us with the ability to attract new clients in the dynamic Far East market. The office in Malta gives us a foothold in one of Europe's newer financial centres, providing us with another jurisdiction through which we can administer clients' assets. Very importantly, Bentley Reid's London operations complement our sophisticated and increasingly successful UK private bank and will enhance our investment management capabilities in that jurisdiction."
Bentley Reid Group chairman Nic Bentley, who is based in Hong Kong, and chief executive Rupert Bentley, who is based in London, along with the existing Bentley Reid management team will continue to manage their client relationships as executives of Butterfield Bank Group.
Who is Butterfield?
Butterfield Bank is Bermuda's first and largest independent bank, and a specialist provider of offshore financial services.
The Butterfield Bank Group offers a full range of community banking services in Bermuda, Barbados and the Cayman Islands, encompassing retail and corporate banking and treasury activities. In the wealth management area, the group provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Switzerland and the UK.
The group provides services to corporate and institutional clients from offices in Bermuda, The Bahamas, Canada, the Cayman Islands and Guernsey, which include investment and pension fund administration, asset management and corporate trust services.
Butterfield Bank is a publicly-traded corporation with shares listed on the Bermuda and Cayman Islands stock exchanges.
http://www.butterfieldbank.com
Established in 1979, Bentley Reid Group provides financial and tax advisory and investment management services to private clients and charities from offices in Hong Kong and London.
Through its Malta-based subsidiary, Bentley Trust, the group provides trust and company formation and administration on an international, multi-jurisdictional basis. Bentley Reid Group has close to half a billion dollars in assets under discretionary management and approximately $2 billion in assets under advice and administration.
Alan Thompson, Butterfield Bank's president and CEO, said: "This transaction represents an important strategic milestone, as wealth management is a core business for Butterfield Bank. Expanding our private client services to new international markets and acquiring wealth management clientele is central to our growth strategy".
Earlier this month, the bank announced the expansion of its Swiss operations with the establishment of a trust company in Geneva, following the establishment of a subsidiary in Zurich in late 2006.
"In Bentley Reid, we have acquired a well-established, prestigious group whose operations and personnel are an excellent fit with those of the Bank. The deal increases our existing private client business and allows us to extend our relationship-focused service model to new markets," Graham Brooks, executive vice president of Butterfield Bank, said.
"The Hong Kong presence will provide us with the ability to attract new clients in the dynamic Far East market. The office in Malta gives us a foothold in one of Europe's newer financial centres, providing us with another jurisdiction through which we can administer clients' assets. Very importantly, Bentley Reid's London operations complement our sophisticated and increasingly successful UK private bank and will enhance our investment management capabilities in that jurisdiction."
Bentley Reid Group chairman Nic Bentley, who is based in Hong Kong, and chief executive Rupert Bentley, who is based in London, along with the existing Bentley Reid management team will continue to manage their client relationships as executives of Butterfield Bank Group.
Who is Butterfield?
Butterfield Bank is Bermuda's first and largest independent bank, and a specialist provider of offshore financial services.
The Butterfield Bank Group offers a full range of community banking services in Bermuda, Barbados and the Cayman Islands, encompassing retail and corporate banking and treasury activities. In the wealth management area, the group provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Switzerland and the UK.
The group provides services to corporate and institutional clients from offices in Bermuda, The Bahamas, Canada, the Cayman Islands and Guernsey, which include investment and pension fund administration, asset management and corporate trust services.
Butterfield Bank is a publicly-traded corporation with shares listed on the Bermuda and Cayman Islands stock exchanges.
http://www.butterfieldbank.com