Bentley Reid shares acquired

The Bank of N.T. Butterfield & Son Limited (‘Butterfield Bank’) it has acquired the entire share capital of Bentley Reid Group, a privately-held, international wealth management company with offices in Hong Kong, London and Malta.

Established in 1979, Bentley Reid Group provides financial and tax advisory and investment management services to private clients and charities from offices in Hong Kong and London. Through its Malta-based subsidiary, Bentley Trust, the Group provides trust and company formation and administration on an international, multi-jurisdictional basis. Bentley Reid Group has close to half a billion dollars (US$) in assets under discretionary management and approximately US$2 billion in assets under advice and administration, states a press release.

In announcing the acquisition, Alan Thompson, Butterfield Bank’s president and chief executive officer, said, ‘This transaction represents an important strategic milestone, as wealth management is a core business for Butterfield Bank. Expanding our private client services to new international markets and acquiring wealth management clientele is central to our growth strategy.’

Earlier this month, the 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.

Graham Brooks, executive vice president, International, Butterfield Bank said, ‘In Bentley Reid, we have acquired a well-established, prestigious group whose operations and personnel are an excellent fit with those of the bank. The deal increases our existing private client business and allows us to extend our relationship-focused service model to new markets. The Hong Kong presence will provide us with the ability to attract new clients in the dynamic Far East market. The office in Malta gives us a foothold in one of Europe’s newer financial centres, providing us with another jurisdiction through which we can administer clients’ assets. Very importantly, Bentley Reid’s London operations complement our sophisticated and increasingly successful UK Private Bank and will enhance our investment management capabilities in that jurisdiction.’

Bentley Reid Group principals Nic Bentley, chairman, 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 its client relationships as executives of Butterfield Bank Group.