The move expands the bank's long-established presence as a specialist offshore financial services provider from its headquarters in Bermuda, and its subsidiary offices in the Cayman Islands, Guernsey, the Bahamas and the United Kingdom.

According to Butterfield Bank Managing Director Conor O’Dea, the formation of Butterfield Asset Management (Switzerland) Limited is in line with the Bank’s strategy of increasing its European Private Banking presence and capability.

“It is a logical extension to the service that we provide in London through Butterfield Private Bank and also through our well-established business in Guernsey, Channel Islands," he explained.

The bank has chosen Iain Little as 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. He also co-founded P&C Global Wealth Managers SA, in Zurich six years ago, and was a Divisional Director of International Business Development for Edinburgh Fund Managers plc.