Butterfield Bank is entering the Swiss private banking market with its establishment of a new wholly owned subsidiary in Switzerland.

Butterfield Bank Executive Vice President, Graham Brooks said the formation of Butterfield Asset Management (Switzerland) Limited was in line with the Bank's strategy of increasing its European Private Banking presence and capability.

'We have chosen to enter the Swiss Private Banking arena by the establishment of Butterfield Asset Management (Switzerland) Limited in Zurich,' said Brooks. 'It is a logical extension to the service which we provide in London through Butterfield Private Bank and also through our well-established business in Guernsey, Channel Islands.'

Iain Little will be the first Managing Director of Butterfield Bank's Swiss based asset management company. Little is a former head of Geneva-based Pictet & Cie's UK private clients business where he was responsible for asset allocation and fund selection. Mr. Little also co-founded P&C Global Wealth Managers SA, in Zurich six years ago, was a Divisional Director of International Business Development for Edinburgh Fund Managers plc and speaks five languages, including English, French, Japanese, Russian and German.

Butterfield Asset Management (Switzerland) Limited's new office, from 1 November, will be based at No37, Talstrasse, near Paradeplatz, in central Zurich.

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