Butterfield Buys International Wealth Manager

Stephen Harris

29 October 2007

Bermuda head-quartered Butterfield Bank has acquired Bentley Reid Group, a privately-held, international wealth management company with offices in Hong Kong, London and Malta. Established in 1979, Bentley Reid Group provides financial and tax advisory and investment management services to private clients and charities from offices in Hong Kong and London. Through its Malta-based subsidiary, Bentley Trust, it provides trust and company formation and administration on an international, multi-jurisdictional basis. Bentley Reid Group has close to $500 million in assets under discretionary management and approximately $2 billion in assets under advice and administration. Bentley Reid principals Nic Bentley, chairman, who is based in Hong Kong, and Rupert Bentley, chief executive, who is based in London, along with the existing Bentley Reid management team will continue to manage their client relationships as executives of Butterfield Bank Group. Alan Thompson, Butterfield Bank’s president and chief executive officer, said: “This transaction represents an important strategic milestone, as wealth management is a core business for Butterfield Bank. Expanding our private client services to new international markets and acquiring wealth management clientele is central to our growth strategy.” Earlier this month, Butterfield announced the expansion of its Swiss operations with the establishment of a trust company in Geneva, following the establishment of a subsidiary in Zurich last year.