People Moves

Head Of UK Private Bank Steps Down

Tom Burroughes , Group Editor, London, 30 January 2012

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Danny Dixon has stepped down as head of Butterfield Private
Bank
in the UK
after being in the post since September 2010, this publication can confirm.

The private bank is part of Bermuda-headquartered
Butterfield. Dixon
– as he explained in an interview with WealthBriefing last summer – had come out of retirement
after a long career in finance to take the helm at the private bank. (To view
that interview, see here).

"As a matter of policy, Butterfield will not comment
on speculation about possible future events or corporate activities unless
there is a regulatory reason to do so," a spokesperson said. 

It is understood that the firm is at an advanced stage in seeking a replacement for Dixon.

In December last year, Butterfield Private Bank in the UK appointed a
head for its relationship management team, along with a new lending manager.
Ian Smith joined the custody department as head of the relationship management
team, while Simon White takes on the role of lending manager at the bank. Smith
previously worked for Heritage International Fund Managers and Close Fund
Services; White joined after 33 years at Lloyds TSB.

There have been some challenges for the Butterfield group in
recent months. Last October, WealthBriefing
exclusively revealed that Bentley Reid, the investment business bought by
Bermuda-headquartered Butterfield Group almost exactly four years ago, was ending
an investment service agreement with the bank, resulting in the outflow of a
“considerable amount” of Hong Kong originated assets in 2012.

Butterfield held talks with Bentley Reid, Hong Kong as part
of talks about Butterfield’s refocus of its business lines and follows the
return of the Malta and Hong Kong businesses to the Bentley family at the end
of 2010, according to an internal memo. The size of the assets affected by the
termination of the agreement was not disclosed.

 

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