Butterfield London Executives Depart
The head of private banking for Bermuda’s Bank of Butterfield London office and group chief investment officer David Stewart have both left the UK operation, the financial website Citywire.com reports today [Jan. 27].
Mr. Dixon departs after just over a year after he joined the London-based Butterfield subsidiary to head up its private banking arm. He had been tasked with building the firm’s wealth management offering.
Mr. Stewart had been at the firm since July 2009, heading strategy and research, and overseeing the private client and asset management division.
The reasons for their departures are not yet known but Citywire.com said “speculation is mounting over the future of the London office and whether a restructure could be in the offing.”
A spokeswoman at Butterfield confirmed the departures, but declined to comment on whether replacements had been appointed or what the firm’s plans were for the London operation.
She said: “As a matter of policy, Butterfield will not comment on speculation about possible future events or corporate activities unless there is a regulatory reason to do so.”
Bermuda’s oldest bank, the Bank of Butterfield has satellite offices in the Bahamas, the Cayman Islands, Guernsey, Switzerland and the UK.
