Butterfield Fund Services (Bermuda), a subsidiary of Butterfield Bank, has received approval for a fund administration licence from the Bermuda Monetary Authority. With the new licence, the bank can now service "administered funds,” a new classification of Bermuda funds that are allowed to operate based on the proven qualifications of their licenced administrators. With the new rules Bermuda hopes to capture a substantial proportion of the administration of funds that currently register in the Cayman Islands.