Butterfield: “With challenges, comes opportunity”

Read our article in The Chamber Magazine, eversion

“There is no substitute for the combination of knowledge and the personal touch that Butterfield provides. Direct access to and regular communication with investment managers has proven to be particularly valuable and reassuring in volatile times.”
~ Dennis Govan

The banker/client relationship has changed in recent times to adapt to current economic conditions. One financial services provider has a specific formula for guiding clients in turbulent times. Dennis Govan, Graeme Skinner and Chris Duggan of the Butterfield Asset Management, Corporate Banking and Private Banking divisions share exclusive advice for reaching your full financial potential in an increasingly challenging economy.  

Dennis Govan, Head of Asset Management, Caribbean
“The small but positive growth in the Cayman economy for the first six months is encouraging but when put into the wider context of the global economy, and in particular, the weak US recovery and the financial crisis in the Eurozone, the future unfortunately is less clear,” says Dennis Govan, Head of Asset Management for Butterfield in the Caribbean region.

Butterfield’s Asset Management team serves both local and international corporate and personal clients and invests in the global stock markets on their behalf.

“We, and our clients, are experiencing exceptionally difficult market conditions and have therefore positioned our business to face the challenges by reorganising and strengthening our local and Group teams,” he says.

By enhancing Butterfield Asset Management’s product offering on an open architecture basis, including third party funds and improving the service delivery, Govan expects to achieve continued growth despite the adverse circumstances.

This year Butterfield restructured Asset Management across the Group to become one team drawing upon the wide experience of its staff in all of the jurisdictions. Local dedicated investment managers are now supported by a core strategy and research team, headed by Butterfield Asset Management’s Chief Investment Officer David Stewart.

This team works in conjunction with the investment managers to create coherent and robust individual investment strategies which frame the specific decisions made for clients.

“An ongoing dialogue is central to our investment approach. Our investment managers are always available to meet with our clients and discuss their portfolio and to understand any changes to their investment risk tolerance, short, medium and long-term needs and objectives,” says Govan.

“There is no substitute for the combination of knowledge and the personal touch that Butterfield provides. Direct access to and regular communication with investment managers has proven to be particularly valuable and reassuring in volatile times.”

Graeme Skinner, Head of Corporate Banking, Butterfield Bank (Cayman) Limited

Graeme Skinner, Butterfield’s Head of Corporate Banking, says his outlook for corporate banking is closely linked to the Cayman economy as a whole, and that is the environment in which Butterfield’s customers operate. The feedback he receives from business clients is that many are not yet seeing the impact of an improving economy.

“Once that does, happen we are ready and able to assist businesses with any financing requirements for business expansion purposes, and we are hopeful of seeing increased economic activity next year,” he says.

According to Skinner, during the financial crisis, the most successful banks were those that strengthened their client relationship, rather than focusing solely on sales and cost. These banks aim to understand a client’s business and industry and provide expert advice and superior service, as well as solutions that help a client succeed.

Butterfield recognises that even well-managed and well-capitalised companies may need some flexibility with their financial commitments or additional assistance as they adjust their business models to changing economic environments.

“We have a team of relationship managers and we are always available to discuss customers’ financial needs,” says Skinner.

“As long as companies are proactive in approaching us and can demonstrate how they are addressing the issues impacting their business, we can usually find a way to assist them.”

Chris Duggan, Head of Private Banking

Chris Duggan, Butterfield’s Head of Private Banking in the Cayman Islands, notes that while the global economic outlook remains uncertain, there are still plenty of excellent investment opportunities, both locally and internationally, that the bank continues to identify for its clients.

“The troubled global economy has created challenges for investment professionals around the globe.  With challenges, however, comes opportunity and at Butterfield we have identified the opportunities and developed creative financial solutions that meet our client’s investment objectives,” he says.

“Innovation and creativity is critical in these times and we balance these with the needs of our clients to produce optimum results.”

Overall, Duggan is confident that the recovery, while slow, will continue and that through its investment experts around the globe, Butterfield will continue to facilitate sound financial solutions for clients to benefit from.
“During these times, we focus on diversification across the asset classes, prudent sector and stock selection balanced with risk-adjusted returns that fit within our clients’ and Butterfield’s investment strategy.”

Comments are closed.