Butterfield Bank yesterday said Richard Saunders, senior manager responsible for Butterfield Bank (Guernsey) Limited’s asset management business, has been promoted to head of European Asset Management.His appointment will extend his responsibilities to include the Bank’s onshore asset management business in London.Mr Saunders has been managing discretionary investment portfolios for private clients since 1991. He joined Butterfield as a senior manager and head of the Guernsey Investment Team in 2000 and is a member of the bank’s executive committee in Guernsey. He is also a member of the Group Investment Council and the Asset Management Executive Committee which sets the strategic direction of Butterfield’s investment operations.Mr Saunders will continue to be based in Guernsey and will continue to be instrumental in driving the strategic development of Butterfield’s asset management business.