Butterfield Fund Services (Bermuda) Limited, a subsidiary of Butterfield Bank, has received a Fund Administration Licence from the Bermuda Monetary Authority.

Having obtained a Fund Administration Licence means that BFS can now service 'Administered Funds', a new classification of Bermuda funds that are allowed to operate based on the proven qualifications of their licensed administrators, as well as continuing to service all other types of regulated funds incorporated in Bermuda.

Frank Sebestyen, senior vice president and group head of fund services at Butterfield Bank said: " As the largest and one of the earliest locally based fund administration providers in Bermuda, we are pleased to be among the first companies to have been granted a Fund Administration Licence by the Bermuda Monetary Authority.

"We will continue to make the necessary investments in highly qualified staff and technology to maintain our position as a leading international fund administrator."