Bermuda's Butterfield Asset Management Wins International Performance Awards

by Amanda Banks, Tax-news.com, London

06 April 2001

For the fourth year running Butterfield Asset Management (BAM) has won two top perfomance awards for its in-house managed mutual funds from Standard & Poor's - a global provider of independent financial analysis and information.

BAM, a wholly owned subsidiary of the Bank of Butterfield, has received First Place in the World for the Five Year Performance of its Butterfield Money Market Fund, Sterling Class (Internationally Marketed Funds Survey) for the third consecutive year. It also won Second Place in the World for the One Year Performance of its whole family of in-house managed mutual funds (Internationally Marketed Funds Survey- Smaller Groups Category) - BAM received the First Place overall performance award in 1997.

Standard & Poor's awards are considered to be the global standard by which fund managers and investment management groups are measured. Peter Wignall, Senior Vice President of Butterfield, said: 'We are proud to have been recognised once again for the outstanding performance of the Money Market Fund, and particularly for the overall achievement of the entire family of internationally marketed funds, which includes fixed income, balanced and equity classes. The awards demonstrate to the world that we provide top-quality management skills and consistent performance across our whole range of funds, due to the expertise of our qualified, motivated team of investment professionals.'

John Humphreys, Associate Director and Manager of the Money Market Fund Sterling Class, believes that three main factors contributed to the fund's success. He commented: 'The outperformance can be attributed to correctly assessing macroeconomic conditions affecting the UK and Bank of England, carefully timing decisions to extend or shorten the life of the portfolio,
and purchasing Euro commercial paper and floating rate notes which consistently offered the best risk-adjusted returns.'

Butterfield Asset Management currently has over US$5.0 billion dollars under management. Drawing upon the resources of the entire Butterfield Group (with offices and subsidiaries in Cayman, Guernsey, Hong Kong and the UK), the Bermuda operation is strategically linked to the global marketplace and is able to take advantage of the Bank's worldwide expertise. BAM offers a series of nine, in-house managed mutual funds ranging from the Standard and Poor's AAAm rated Money Market Fund to a variety of Bond, Equity and Balanced Funds.

Further details are available at http://www.bam.bm

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