Bermuda-based Butterfield Trust (Bermuda) Limited (BTBL) a wholly owned subsidiary of The Bank of N.T. Butterfield & Son Limited has announced the appointment of John Richmond as its new managing director.
Richmond, pictured, joins the firm with immediate effect, the company said in a statement. In this capacity, Richmond has overall responsibility for the management of Butterfield’s Trust business in Bermuda, reporting to Butterfield’s group head of Trust. He replaces Martin Pollock who is leaving Butterfield to pursue a new opportunity outside of Bermuda, the statement said.
Richmond has over 21 years’ experience managing complex trust structures for ultra-high net worth families across multiple jurisdictions, and was previously head of the family office of Bermuda Trust Company Limited (BTCL), a subsidiary of BTBL. He is a director of BTCL and acts in a personal capacity on several boards, foundations and private trust companies. He is also a member of the Institute of Directors.
Bob Moore, Butterfield’s Group head of trust, said “We wish Martin every success in his future career and thank him for his contribution to the development of Butterfield’s trust business. I congratulate John in his appointment as managing director of BTBL. We look forward to further developing our trust business in Bermuda, part of Butterfield’s multi-jurisdictional trust offering.”
As reported, in September, Butterfield Bank, one of the oldest names in offshore banking circles, listed its shares on the New York Stock Exchange, as its chief executive spoke of using some of the funds raised in the IPO to acquire trust businesses that would complement its existing offerings in this area.