BUTTERFIELD Bank is continuing its global expansion by entering the Swiss private banking market with the setting up of a new wholly owned subsidiary in Zurich.

Graham Brooks, the Bank's executive vice-president, said the formation of Butterfield Asset Management (Switzerland) Ltd. was in line with the Bank's strategy of increasing its European private banking presence.

"We have chosen to enter the Swiss private banking arena by the establishment of Butterfield Asset Management (Switzerland) Limited in Zurich," Mr. Brooks said.

"It is a logical extension to the service which we provide in London through Butterfield Private Bank and also through our well-established business in Guernsey, Channel Islands."

Iain Little will be the first managing director of Butterfield Bank's Swiss-based asset management company. Mr. Little is a former head of Geneva-based Pictet & Cie's UK private clients business where he was responsible for asset allocation and fund selection.

Mr. Little also co-founded P&C Global Wealth Managers SA, in Zurich six years ago, was a Divisional Director of International Business Development for Edinburgh Fund Managers plc and speaks five languages, including English, French, Japanese, Russian and German.

The new office will open on November 1.