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19 September 2011
Butterfield Launches Online Brokerage Service in Bermuda

The Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”) today announced that it has introduced a web-based, self-directed brokerage service for local investors through its subsidiary, Butterfield Securities (Bermuda) Limited.

 

Accessible through the Bank’s website, Butterfield Self Directed Brokerage Online, provides investors with the ability to trade US stocks, options, exchange-traded funds and preferred shares directly in real time.  It also provides investors with 24/7 access to their account balances, trade histories, statements and confirmations.  In addition, subscribers will have complimentary access to real-time quotes and Standard & Poor’s company research, and they can set personalised stock watch lists to assist them with their investment decisions.

 

Investors can sign up for the service free of charge, and there is no monthly or annual subscription fee.  US equity trades can be completed for $25 plus two cents per share.

 

Shane English, an Investment Adviser with Butterfield Asset Management and head of the brokerage department, said, “With our Self-Directed Brokerage product, we are filling what we see as a substantial void in the Bermuda market.  Investors who know which US securities they want to buy for their portfolios and who are seeking straight trade execution still typically have to rely on local investment advisers for execution.  The costs of US trades in Bermuda are, therefore, relatively high because commission schedules are inclusive of advisory services.”

 

He continued, “When you couple that reality with the fact that it’s increasingly difficult for Bermuda residents to set up trading accounts with onshore, web-based brokers, there really aren’t a lot of cost-effective solutions out there for local, self-directed investors.  And that’s where Butterfield’s Self-Directed Brokerage Online service comes in.”

 

Michael Neff, Butterfield’s Executive Vice President, Group Asset Management, said, “The launch of Self-Directed Brokerage Online is the first of many enhancements that clients will see from Butterfield in the coming months.  We plan to expand the range of products that can be traded using the new platform to include offshore mutual funds, and eventually Bermuda-domiciled securities, as well.”

 

Investors who are interested in learning more about Butterfield Self-Directed Brokerage Online should contact Butterfield on (441) 299 3817 or e-mail invest.bermuda@butterfieldgroup.com

 

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