Alistair Border, portfolio manager of a Butterfield Money Market Fund in US dollars, won a top manager award for money fund portfolios denominated in US dollars that had at least $100 million assets as of December 2006, that were listed in iMoneyNet’s Offshore Money Fund Report.

Ian Coulman, BAM Managing Director, said that the Butterfield Bank subsidiary has a reputation for sound investment products and high quality client service.

“In the past decade BAM has won several top place performance awards for its family of mutual funds, outperforming some of the largest fund managers and banks in the world,” Mr. Coulman stated, continuing: “In addition to award-winning mutual funds, BAM offers portfolio management and advisory services to private and institutional clients.”

An official announcement on the iMoneyNet website read as follows: “iMoneyNet congratulates the portfolio managers of the US dollar, Euro and Sterling Offshore money market portfolios that had the highest gross returns for 2006 and that report to Offshore Money Fund Report. Our 2006 Top Manager Awards are based on gross total return for the calendar year.”

Mr. Border’s portfolios topped 51 of his peers, with gross total returns of 5.23% for the year for US dollars.

Butterfield Asset Management (BAM) is part of the Butterfield Bank Group, Bermuda's first bank, which was established in 1758. BAM operates through subsidiary companies in Bermuda, the Bahamas, Barbados, the Cayman Islands, Guernsey, London and Zurich.

BAM provides a range of investment services that include discretionary management to the captive insurance sector, investment advisory services, self directed accounts as well as a family of in-house mutual funds.