Bermuda-based Butterfield Bank announced today that it will launch a wholly-owned Geneva, Switzerland-based subsidiary before the end of the year.
The creation of Butterfield Trust (Switzerland) will boost the company's operations in the Swiss wealth-management market, Butterfield said.
Jim Parker, former Barclays Private Bank head of wealth structuring, and director of wealth advisory for the Switzerland-based Barclaytrust, will lead the new operation.
As Butterfield Bank Group's country head for Switzerland, he will assume responsibility for the group s local activities, including Zurich-based Butterfield Asset Management (Switzerland).
Parker has long been a leading figure in the Swiss wealth-management industry. Prior to positions with Barclays, he occupied senior positions in wealth management and trust services in Switzerland with both Citigroup and Chase Manhattan Private Bank.
He will be joined by deputy country head Phil Lenz, who was also previously with Barclays Wealth as chief administration officer.
Graham Brooks, executive vice president of Butterfield Bank, said the formation of Butterfield Trust (Switzerland) was only the latest step in the company's strategy to increase its European private-client business and capacities.
"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 with the establishment of Butterfield Trust (Switzerland) Limited, which will provide fiduciary, trust and company-administration services," he 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."
Butterfield Bank's Cayman Islands operation offers a comprehensive range of personal and professional financial services to both individual and corporate clients.