Butterfield Bank is enhancing its activities in the Swiss wealth management market with the establishment of a new wholly owned subsidiary in Geneva, Butterfield Trust (Switzerland) Limited.
Graham Brooks, executive vice president, Butterfield Bank said the formation of Butterfield Trust (Switzerland) Limited represented a further step in the bank’s strategy of increasing its European private client business and capability, states a press release.
“Having entered the Swiss wealth management arena with the establishment of Butterfield Asset Management (Switzerland) Limited in Zurich last year, we are now complementing our existing capability in Switzerland with the establishment of Butterfield Trust (Switzerland) Limited which will provide fiduciary, trust and company administration services.” Mr. Brooks said. “This builds on our group’s heritage as a leading provider of international fiduciary services and further extends the services we provide to our clients from key European private banking centres, which also include Butterfield Private Bank in London and our well-established business in Guernsey, Channel Islands.”
Jim Parker will lead Butterfield Trust (Switzerland) Limited and has been appointed Butterfield Bank Group’s country head for Switzerland, with overall responsibility for the Group’s activities in Switzerland, including Zurich-based Butterfield Asset Management (Switzerland) Limited. Mr. Parker is a leading figure in the Swiss wealth management industry, having been head of Wealth Structuring for Barclays Private Bank and director, Wealth Advisory for Barclaytrust (Suisse) S.A. He previously held senior positions in wealth management and trust services in Switzerland with both Citigroup and Chase Manhattan Private Bank.
Mr. Parker will be joined by Phil Lenz as deputy country head. Mr. Lenz comes to Butterfield Trust (Switzerland) Limited from Barclays Wealth, where he was chief administration officer.
Butterfield Trust (Switzerland) Limited can be contacted on +41 79 204 4968 and plans to establish offices in Geneva before the end of the year.