Bank of Butterfield offers trust services in Bermuda through its wholly-owned subsidiary. The Bank of Butterfield Executor and Trustee Company Ltd., which was formed in 1968 to take over the role of the Bank's Trust Department.
Personal trust services are more akin to what is now termed "private banking", often with client relationships spanning two or more generations. The benefits are tax driven and focus on estate planning and the protection of assets from political of assets from political and economic instability. Corporate trust services have evolved from this base, the client being a corporation as opposed to an individual, and special purpose trusts and companies are used to structure capital markets and financing transactions.
The basic services provided are the formation and administration of trusts, companies, and partnerships and the provision and administration of custody accounts. Through this subsidiary, the Bank offers comprehensive banking services, real estate services, investment management, global custody services and the administration of pension and mutual funds.
Administration services are tailored to meet the client's requirements, but would normally include the maintenance of statutory records, the purchase and sale of assets and investments, the collection of income, the payment of expenses, the maintenance of accounting records and the preparation of financial statements.
At The Bank of Butterfield Executor & Trustee Co. Ltd., we act as trustee of personal trusts, purpose trusts, unit trusts, pension funds and bond issues.
Our staff can also form and administer companies in a number of jurisdictions, provide corporate secretarial services and provide directors and officers.
Other fiduciary services offered include the executorship of wills and the administration of estates.
We employ the latest technology to provide our clients with prompt, responsive service. Our computer system offers customers direct access to their account statements from any personal computer fitted with an appropriate modem. Although we make use of the latest technology, the Bank emphasises a very personal approach to trust services. Our client relationships are always handled with confidentiality, integrity and careful attention to detail.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
