Offshore specialist Butterfield Bank, Bermuda's largest independent bank, has set up a new wealth management subsidiary in Geneva, Butterfield Trust (Switzerland), as part of its strategy to increase its European private client business and capability. Graham Brooks, executive vice president of Butterfield Bank, said: "Having entered the Swiss wealth management arena with the establishment of Butterfield Asset Management (Switzerland) Limited in Zurich last year, the establishment of Butterfield Trust (Switzerland) will provide fiduciary, trust and company administration services." Butterfield Trust (Switzerland) is headed by Jim Parker, who has also been appointed as the group’s country head for Switzerland. Mr Parker was fomerly head of Wealth Structuring for Barclays Private Bank and a director of Wealth Advisory for Barclaytrust (Suisse). He previously held senior positions in wealth management and trust services in Switzerland with both Citigroup and Chase Manhattan Private Bank. Phil Lenz has also been apppointed as Butterfield’s deputy country head for Switzerland. He was previously chief administration officer with Barclays Wealth. Butterfield Bank 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. Assets under investment management stood at $11.7 billion at 30 June 2007, after significant growth in assets invested in Butterfield Funds. Assets under administration across the group increased to $137 billion, reflecting the growth in administration services to mutual and hedge funds.