Bermuda-headquartered Butterfield Bank has named Cornelio Cappelletti as the managing director of Butterfield Asset Management ( Switzerland) from 1 August 2008. The Zurich-based offshoot specialises in providing wealth management services to private clients.

Mr Cappelletti will report to Jim Parker, Butterfield’s country head for Switzerland. He has held senior positions at Credit Suisse, Wetzikon, St Gallische Kantonalbank and Linthgebiet and was chief executive officer at Sparkasse Horgen before leaving to join a partnership specialising in asset management. He replaces Iain Little, who has left the bank.

Graham Brooks, executive vice president international at Butterfield, said: “Mr Cappelletti's appointment will open a new chapter in the development of our presence in Switzerland and provide substantial opportunities for the expansion of our asset management business from our base in Zurich.