Butterfield was named Trust Company of the Year (large firm) before more than 500 private client practitioners at the Society of Trust and Estate Practitioners’ Private Client Awards at the London Hilton on Park Lane.

Hosted by comedian, actress and presenter Ellie Taylor, last Thursday’s gala evening brought together colleagues and peers from across the industry for a memorable celebration of achievement, innovation and expertise, the organisation said in announcing a list of 25 winners.

Butterfield responded on Friday: “We are delighted to celebrate our trust team’s win at last night’s Step awards.

“Scooping the award for Trust Company of the Year is a tremendous recognition of our colleagues.

“It reflects their expertise, sound judgment and unwavering commitment to our clients.

“We’re incredibly proud of what the team has achieved and grateful to everyone whose hard work contributed to this success.”

Butterfield has pursued an acquisition strategy for several years, targeting smaller, relationship-driven trust businesses being shed by larger institutions.

In 2018, the bank acquired trust assets from Deutsche Bank in the Channel Islands, marking an early step in expanding its fiduciary footprint beyond Bermuda.

Michael Collins, Butterfield’s chairman and chief executive officer, said in April the bank’s acquisition of the R&H Guernsey added about $12 billion in assets under trusteeship, taking Butterfield to about $146 billion in assets under administration and trusteeship, and adding an expected £8 million to £10 million ($10.7 million to $13.4 million) in annualised fee income.

Mr Collins’ comments came during an earnings call, after Butterfield had declared a first-quarter net income of $62.6 million — up more than 16 per cent year over year.

Friday’s Step statement regarding all of last night’s honours added: “With a record-breaking 374 submissions from 26 countries, this year's awards once again reinforced their position as a benchmark for excellence in private client practice.”

In congratulating the winners, it added: “The achievements recognised through this year's awards help raise standards and inspire excellence across the profession.”

Stella Mitchell-Voisin TEP, chairwoman of the judging panel, commented: “The calibre of entries this year was exceptional. Across jurisdictions and disciplines, we saw examples of technical excellence, innovation and a genuine commitment to serving clients and families.

“Selecting the winners was a challenging task and a testament to the strength of the sector.”