magazine owned by the Financial Times group, as one of the top offshore fund managers in 1997.

The bank placed third out of 139 fund managers in the group rankings for one year performance. The rankings were compiled by taking all equity, bond, and money market funds and comparing their average performances with those managed by other groups.

In attaining a number three ranking Butterfield beat managers such as Jardine Fleming, Scudder, Templeton and Invesco. In comparison with those large companies Butterfield only manages ten funds.

"The ranking shows the benefits of having a limited number of funds and concentrating on what we can do well,'' Butterfield Asset Management Ltd.

Managing Director Peter Wignall said yesterday. "It also shows the benefits of choosing specialists to manage our international equity funds and by focusing on fixed income ourselves.'' Butterfield will pick up its 1997 Offshore Funds Award on January 29.

BUSINESS BUC AWARD AWD