funds first in overall performance for one year, and third for performance over three years in the smaller groups category among offshore competitors.

"The award is given to the asset management group whose mutual funds have had the highest average performance in their respective sectors over a given period,'' a press release states.

The bank asset management group was awarded a first out of 103 other offshore managers in the one year smaller group category, and a third out of 83 in the three year category.

Butterfield Asset Management managing director Peter Wignall said the awards served to recognise the group's skill and expertise. "The funds have performed extremely well, steadily pulling ahead of the competition and their benchmarks,'' he stated. "These awards are a direct result of our decision to concentrate our efforts on the performance of a limited number of funds.'' The funds are: Butterfield Money Market Fund, Butterfield Liquid Reserve Fund, Butterfield Capital Appreciation Fund, Butterfield International Income Fund, Butterfield US$ Bond, Butterfield International Balance Fund, Butterfield Equity Fund, and Butterfield Asia Fund.

BUSINESS BUC