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18 September 2007
Butterfield Fund Services receives Fund Administration Licence

Butterfield Fund Services (Bermuda) Limited, a subsidiary of Butterfield Bank, has received a Fund Administration Licence from the Bermuda Monetary Authority.


Having obtained a Fund Administration Licence means that BFS can now service ‘Administered Funds’, a new classification of Bermuda funds that are allowed to operate based on the proven qualifications of their licensed administrators, as well as continuing to service all other types of regulated funds incorporated in Bermuda.


Since the Investment Funds Act 2006 became effective on 7 March 2007 all Bermuda-based administration companies are required to have a Fund Administration Licence. Frank Sebestyen, Senior Vice President and Group Head of Fund Services at Butterfield Bank said, " As the largest and one of the earliest locally based fund administration providers in Bermuda, we are pleased to be among the first companies to have been granted a Fund Administration Licence by the Bermuda Monetary Authority. We will continue to make the necessary investments in highly qualified staff and technology to maintain our position as a leading international fund administrator.”


For information regarding BFS's licensing and our fund administration capabilities, please contact Tania Kowalski, Marketing Manager, Butterfield Fund Services, at (441) 278-6300 or taniakowalski@bntb.bm.

 

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: www.butterfieldbank.com.

 

Media Relations Contacts:   

 

Mark Johnson
Assistant Vice President
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 299-1624
Fax: 441) 295-3878
E-mail: markjohnson@bntb.bm
www.butterfieldbank.bm

 

Stuart Roberts  
Senior Communications Specialist
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 298-4610
Fax: (441) 295-3878
E-mail: stuartroberts@bntb.bm
www.butterfieldbank.bm

 

 

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