The award winning funds include their flagship fund the Butterfield Money Market Fund. This top performing fund has assets of over $1 billion and is the only locally managed Standard and Poor's triple A Money Market rated fund in Bermuda. Also included are the Butterfield Liquid Reserve Fund, Butterfield Capital Appreciation Fund, Butterfield International Income Fund, Butterfield US$ Bond, Butterfield International Balance Fund, Butterfield Equity Fund and Butterfield Asia Fund. The award is given to the asset management group whose mutual funds have had the highest average performance in their respective sectors over a given period of time.
Mr. Peter Wignall, Managing Director of Butterfield Asset Management said, "We are very proud to have been recognised for our management skill and expertise. The funds have performed extremely well, steadily pulling ahead of the competition and their benchmarks. These awards are a direct result of our decision to concentrate our efforts on the performance of a limited number of funds." Butterfield was awarded 3rd place out of 83 groups in the 3 year category and came first out of 103 in the one year smaller group category.
The awards are calculated using Standard and Poor's Micropal Relative Risk Adjusted Ratio. This methodology came into existence in 1992 in response to a request from the Hong Kong Unit Trust Association for a new way of measuring fund performance for their annual awards. They wanted to reward consistency of superior performance relative to an appropriate benchmark. The idea was that funds which performed steadily and moved ahead of their benchmark should be rewarded over funds that were more erratic against their benchmark, even if both rose by similar percentages.
The Bank of N. T. Butterfield & Son Limited, established in 1858 in Hamilton, Bermuda in $4.4 billion in assets and over $15 billion under administration. The Bank, which serves institutional and individual clients, has its headquarters and four branches in Bermuda, as well as offices in Grand Cayman, Guernsey, Hong Kong and the United Kingdom. Bank of Butterfield common stock trades on the Bermuda Stock Exchange.
For more information contact: Peter Wignall on 299-3822