In one swift move Butterfield Bank has expanded its wealth management reach to Hong Kong, London and Malta.

The bank has bought privately-held international wealth management company Bentley Reid Group, including its offices around the world and its management executives.

Bentley Reid Group has nearly half-a-billion dollars under its discretionary management and around $2 billion in assets under advice and administration.

"This transaction represents an important strategic milestone, as wealth management is a core business for Butterfield Bank. Expanding our private client services to new international markets and acquiring wealth management clientele is central to our growth strategy," said Butterfield Bank president and CEO Alan Thompson.

The deal gives Butterfield Bank the entire share capital of Bentley Reid Group, and its offices in Hong Kong, London and Malta. The Group's principals; chairman Nic Bentley and chief executive Rupert Bentley along with the existing management team will continue to manage client relationships as executives of Butterfield Bank Group.

The Bentley Reid Group was established in 1979 and, through its Malta-based subsidiary Bentley Trust, provides trust and company formation and administration on an international, multi-juridictional basis.

Graham Brooks, Butterfield Bank's international executive vice president said: "In Bentley Reid we have acquired a well-established, prestigious group whose operations and personnel are an excellent fit with those of the bank.

"The deal increases our existing private client business and allows us to extend our relationship-focused service model to new markets.

"The Hong Kong presence will provide us with the ability to attract new clients in the dynamic Far East market. The office in Malta gives us a foothold in one of Europe's newer financial centres, providing us with another jurisdiction through which we can administer clients' assets.

"Very importantly, Bentley Reid's London operations complement our sophisticated and increasingly successful UK Private Bank and will enhance our investment management capabilities in that jurisdiction."