from private client stockbroking in the UK market at the end of the month.

The London subsidiary, Seymour Pierce Butterfield, trading as Butterfield Securities, will place more emphasis on expanding its discretionary fund management business there, reducing its staffing levels.

No Bermudian jobs are involved.

The bank said last night that the new emphasis would complement the existing businesses of banking, corporate finance, institutional stockbroking, treasury and capital markets.

The bank is in the process of finalising details of a deal to transfer the private client stockbroking business to UK private stockbrokers Henry Cooke Lumsden plc and Brewin Dolphin Holdings plc as of December 1.

The announcement came as Butterfield late yesterday said it had decided to re-focus its operations in London. Those close to financial markets might not see this as much of a surprise. It is a re-focus that has not escaped other institutions.

Bank president and chief operating officer, Mr. Michael Collier, said: "It is a competitive move for us to go in that direction.'' The bank sees more opportunities, as they seek to move forward, in more of a concentration in the discretionary fund management business. It normally means managing huge sums of corporate and private money on an individual basis, seeking to maximise the growth opportunities within the parameters of strict instructions from each client.

Staff changes for the Butterfield Securities division of the bank come after more than 25 people had been hired since the acquisition of Pierce Seymour in 1987. There were some 58 staff when the company was acquired by the bank, while today there are about 85 on the payroll.

Mr. Collier said, "When we come to an agreement of the final details, some people will move. The actual numbers of those involved have not yet been determined. But it will mean a movement of labour in the London office of Butterfield Securities.'' In fact, staff are expected to be moved from Butterfield Securities to the two UK stockbroking firms who will be taking over the private client stockbroking business. They will cease to be employed by Butterfield Securities.