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2 July 2007
Butterfield Bank announces changes in wealth management structure; welcomes Michelle Wolfe

The Bank of N.T. Butterfield & Son Limited (“Butterfield Bank”) today announced changes in the structure of its Bermuda-based wealth management businesses.  The changes are designed to enhance service and help ensure that the Bank continues to be well positioned to meet customers’ investment, trust and private banking needs. 


Curtis Dickinson, formerly Senior Vice President, Corporate Management, has been appointed Senior Vice President, Wealth Management at the Bank.  In his new role, Mr. Dickinson will be responsible for all aspects of wealth management product and service delivery (including the Bank’s Asset Management, Private Banking and Personal Trust operations in Bermuda) as well as the development of strategic alliances in the wealth management area. 


Bruce Albrecht, Senior Vice President, will continue his role as Group Head of Asset Management charged with developing, implementing and maintaining the investment process and methodology for the Bank.  He will oversee the development of investment views and the implementation of those views in clients’ portfolios and Bank investment funds. This role is operationally called Chief Investment Officer. He is additionally responsible for Group Quantitative Investment Research and Group Investment performance measurement and monitoring.


Michelle Wolfe, formerly Managing Director, Rothschild Trust (Bermuda) Limited, will join Butterfield Bank as Senior Vice President, Private Banking and Fiduciary Services, with responsibility for leading Private Banking and Personal Trust services in Bermuda.  Ms. Wolfe, who is a Chartered Accountant, has over 20 years of experience.  During her career, Ms. Wolfe has held increasingly senior positions at firms such as Grant Thornton, Price Waterhouse and Coutts. 


Graham Jack, Managing Director, Butterfield Trust (Bermuda) Limited, in addition to his current responsibilities for managing the Bank’s Personal Trust business in Bermuda, will assume responsibilities related to the development of Butterfield Bank’s international wealth management capabilities.


Ian Coulman, Managing Director, Butterfield Asset Management (Bermuda) Limited, will continue to manage Butterfield Bank’s Asset Management operations in Bermuda.  Phil Jones, Vice President, Private Banking, will continue to manage the Bank’s Private Banking business in Bermuda.


Alan Thompson, Butterfield Bank’s President and Chief Executive Officer, remarked on the changes: “The realignment we have announced today within our Private Banking, Asset Management and Personal Trust businesses reflects the significant growth potential we see in the wealth management area, both in Bermuda and overseas.”  He added, “We have created a structure that allows us to leverage the strengths and expertise of our highly experienced team and more effectively serve the increasingly complex wealth management needs of our customers.  It also improves our ability to create and capitalise upon wealth management business opportunities going forward.”


In welcoming Ms. Wolfe to the organisation, Mr. Thompson said, “We are very pleased that Michelle has joined the Butterfield Bank family.  She brings a great depth of experience in trusts and private banking, with over twenty years in the business.  She is highly regarded in Bermuda and abroad for her expertise and professionalism, and she is a great addition to our team.”


The changes the Bank announced today do not impact the way its wealth management services are structured in its overseas offices.  In addition to its Private Banking, Trust and Asset Management businesses in Bermuda, Butterfield Bank offers wealth management products and services through subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Switzerland and the United Kingdom.


Note to Editors

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 United Kingdom. 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. Further details on Butterfield Bank can be obtained from our website at:


Media Relations Contacts:     

Mark Johnson
Assistant Vice President
Direct Line: (441) 299-1624
Fax: (441) 295-3878


Stuart Roberts
Senior Communications Specialist
Direct Line: (441) 298-4610
Fax: (441) 295-3878






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