Butterfield Funds have received the following awards from Standard & Poor's for 2001:
· First Place in the World for the Five Year Performance of its Butterfield Money Market Fund, Sterling Class (Internationally Marketed Funds Survey). This is the third consecutive year the Money Market Fund has received a first place ranking.
· Second Place in the World for the One Year Performance of its whole family of in-house managed mutual funds (Internationally Marketed Funds Survey- Smaller Groups Category). BAM received the First Place overall performance award in 1997.
"We are proud to have been recognised once again for the outstanding performance of the Money Market Fund, and particularly for the overall achievement of the entire family of internationally marketed funds, which includes fixed income, balanced and equity classes," said Peter Wignall, Senior Vice President. "The awards demonstrate to the world that we provide top-quality management skills and consistent performance across our whole range of funds, due to the expertise of our qualified, motivated team of investment professionals."
John Humphreys, Associate Director and Manager of the Money Market Fund Sterling Class believes that three main factors contributed to the fund's success. He commented, "The outperformance can be attributed to correctly assessing macroeconomic conditions affecting the UK and Bank of England, carefully timing decisions to extend or shorten the life of the portfolio, and purchasing Euro commercial paper and floating rate notes which consistently offered the best risk-adjusted returns."
Butterfield Asset Management currently has over 5.0 billion dollars under management. Drawing upon the resources of the entire Butterfield Group (with offices and subsidiaries in Cayman, Guernsey, Hong Kong and the UK), the Bermuda operation is strategically linked to the global marketplace and is able to take advantage of the Bank's worldwide expertise. BAM offers a series of nine, in-house managed mutual funds ranging from the Standard and Poor's AAAm rated Money Market Fund to a variety of Bond, Equity and Balanced Funds. These funds are all listed on the Bermuda Stock Exchange and the Cayman Islands Stock Exchange.
Note to Editors:
Bank of Butterfield Group is a vital community bank in both Bermuda and Cayman and a specialist offshore financial services company. A leader in delivering innovative banking services, Bank of Butterfield offers Bermuda's first Internet banking service; the only 95% mortgages in the local market; special loans for historically listed properties; a flat administration fee for consumer loans; and efficient remote teller technology at its Waterfront €˜Micro Branch.'
The Bank, established in 1858, offers a full range of banking, credit, investment, treasury, trust and custody services through its headquarters in Bermuda, as well as offices in Cayman, Guernsey, Hong Kong and the United Kingdom.
Bank of Butterfield is a publicly traded corporation with its shares listed on the Bermuda and Cayman Islands stock exchanges. The Bank's share price is published daily in the Royal Gazette and is also available on Bloomberg Financial Markets (symbol: NTB.BH) and The Bermuda Stock Exchange web site: www.bsx.com. Further details on the Bank can be obtained from its web site at: www.bankofbutterfield.com.