Bermuda-based Butterfield Trust (Bahamas) Ltd, a wholly owned subsidiary of the Bermuda-based Bank of NT Butterfield & Son Ltd, has named Craig Barley managing director, succeeding Timothy Colclough.
Barley, pictured left, will have “overall responsibility for the management and development of Butterfield’s Bahamas-based trust business, which is a key part of Butterfield Group’s global network of trust companies,” Butterfield Trust said in a statement.
Barley, who comes to Bermuda from the UK, most recently was chief executive officer of Latour Capital DO Brasil, where according to Butterfield, he had “spearheaded” the company’s investment strategies and oversaw its day-to-day operations. Prior to joining Latour, he spent ten years with Merrill Lynch in a series of roles, including four years as director of Merrill Lynch Trust Services in Geneva.
An attorney by training, Barley began his career in Brazil at the law offices of Arnoldo Wald, and subsequently held positions with Banco Omega and UBS, Butterfield said.
From 1999 to 2004, he had been a founding partner and managing director of Asset Finanças Serviceços e Participaçōes Ltda, a family office and consultancy focused on the Brazilian market. He is a member of Brazilian Bar Association and the Brazilian chapter of the Society of Trust and Estate Practitioners, in addition to being a licensed asset manager with the Brazilian SEC.
Timothy Colclough has left Butterfield, according to the company, and is understood to have pursued another opportunity in Nassau.
Earlier this week, Butterfield Bank posted its first quarter 2018 results – which saw net income of $44.2m, up $38.5m in the same period a year earlier – and at the same time, announced that it would acquire Deutsche Bank’s banking and custody business in the Cayman and Channel Islands.
One of the oldest names in offshore banking circles, Butterfield Bank has reinvented itself in recent years, and as part of this transformation, listed its shares on the New York Stock Exchange in 2016. At the time of that listing, its chief executive, Michael Collins, spoke of using some of the funds raised in the IPO to acquire trust businesses that would complement its existing offerings in the trust area.
Last October it made good on that commitment when it announced that it was to acquire Deutsche Bank’s Global Trust Solutions business, excluding its US operations, with plans to take over the ongoing management and administration of the GTS portfolio, which was said to comprise of approximately 1,000 trust structures for some 900 private clients, in the Cayman Islands, Guernsey, Switzerland, Singapore and Mauritius.
It also said it planned to “partner” with Deutsche Bank to provide trust products to Deutsche Bank’s clients on an ongoing basis.
In addition to Bermuda and the Bahamas, Butterfield looks after international clients through independent companies based in the Cayman Islands, Guernsey, Switzerland, Singapore and New Zealand.