Butterfield Bank Guernsey reaches assets under custody milestone
Butterfield Bank Guernsey has passed the milestone of USD12bn in assets under custody at the end of September, representing an increase of more than 82 per cent from the bank's USD6.8bn in assets under custody a year earlier.
The bank says this achievement can be largely attributed to increased business volumes within its institutional business and the role of custody as a core part of its service offering, including access to senior technical specialists, flexibility of reporting and close communications with clients. Butterfield Bank Guernsey also acts as a custodian trustee on various regulated Guernsey collective investment schemes.
The bank provides custody services to a wide range of clients including charitable foundations, fund managers, trust companies and investment managers, as well as to family offices that use an offshore umbrella fund or protected cell company structure to assist in meeting the investment objectives of different family members.
'We are delighted to have reached over USD12bn in assets in custody,' says head of custody services Sadie Podmore. 'Our dedicated custody team of 25 has a wealth of experience which attracts a high level of business to the bank. Our results reflect our ability to offer clients a unique and personalised service. We continue to build on our strengths and aims to provide clients with the best possible custodian services.'
Butterfield Bank (Guernsey) is a wholly-owned subsidiary of the Bank of N.T. Butterfield & Son, which was established in Bermuda in 1858. In addition to Bermuda and Guernsey, the group has offices in the UK, Cayman Islands, Barbados, the Bahamas, Canada, Hong Kong, Malta and Switzerland. Total group assets at all the bank's locations totalled USD12.1bn at the end of September.
The Butterfield group has been providing services to individual and institutional clients in Guernsey for more than 30 years, also including third-party fund administration, investment management, fiduciary, private banking, lending and treasury, services to family offices and administered banking.
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