* Butterfield Bank acquires wealth managerButterfield Bank has extended its reach into Hong Kong, London and Malta, having acquired Bentley Reid Group, a wealth management group.
Butterfield Bank, the private banking, trust services and asset management group based in Bermuda, has acquired the privately-held wealth manager, Bentley Reid Group, which has offices in Hong Kong, London and Malta.
Bentley Reid Group, provides investment services and tax advice to private clients and charities from its Hong Kong and London offices, and multi-jurisdictional trust services from its Malta-based subsidiary. It currently has about $500 million in assets under discretionary management and approximately $2 billion in assets under advice and administration.
Bentley Reid Group chairman Nic Bentley, 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.
Earlier this month, the Butterfield Bank announced the expansion of its Swiss operations with the establishment of a trust company in Geneva, following the establishment of a subsidiary in Zurich in late 2006.