Working with you in the Cayman Islands

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1 Working with you in the Cayman Islands wealth management and fiduciary services investment and pension fund administration

2 Butterfield Bank in Cayman Butterfield Bank (Cayman) Limited was incorporated in 1967 under the laws of the Cayman Islands and is a wholly-owned subsidiary of The Bank of N. T. Butterfield & Son Limited of Bermuda. With over 35 years of experience, we offer our clients a first-class service with tailored solutions to their global wealth management requirements. We provide a comprehensive range of services, including investment management, private banking, treasury, global custody and lending services. Butterfield Bank Group In the year 1758, Nathaniel T. Butterfield founded a merchant trading firm. In 1858 it became The Bank of N. T. Butterfield, Bermuda s first bank. By the late 1800s, the Bank was supporting a budding tourism industry by lending money to innkeepers, retailers and companies building the Island s infrastructure. In 1904, with the equivalent of about US$120,000 in assets, the Bank was incorporated by an Act of Parliament. Institutional clients benefit from our extensive experience and position as a market leader in the areas of administered banks and trust companies, as well as third-party fund administration services. At Butterfield Bank, client relationships are managed by professional and well-trained teams who understand that quality of service is a key consideration in a client s choice of bank. In an increasingly faceless and automated world, we try, whenever possible, to meet clients and their advisors face-to-face, better strengthening our understanding of our clients current and future requirements. Since that time it has grown and evolved to become a leading domestic bank in Bermuda and well regarded as a specialist offshore financial services group. The Bank is regulated by the Bermuda Monetary Authority (BMA), which operates in accordance with Basle principles and maintains close contact with regulators in other jurisdictions where the Bank has offices. The Bank s logo, based on the Butterfield family crest, is a sea dragon rising from the ocean: a guardian of treasure, a steady competitor moving forward on strong wings. The Bank holds a class A Bank and Trust Companies Licence under the Banks and Trust Companies Law of the Cayman Islands and a Mutual Fund Administrators Licence under the Mutual Funds Law of the Cayman Islands. The Bank is regulated by the Cayman Islands Monetary Authority, and shares of the Bank s parent company are listed on the Bermuda Stock Exchange with a secondary listing on the Cayman Islands Stock Exchange.

3 Table of contents Butterfield Bank working with you 3 The Cayman Islands the place to do business 5 Investment Services building wealth 7 Fiduciary Services segregate and accumulate 9 Butterfield Fund Services (Cayman) Limited your international partner 11 The next step... 12

4 Butterfield Bank working with you Internationally recognised as an award-winning financial institution, Butterfield Bank brings you integrity, innovation and exceptional personal service. You, the client, are at the heart of everything we do. We take time getting to know you and your business needs. We constantly strive to deliver the best and most up-to-date financial products. We look after your assets with care and we re always flexible. Your business doesn t have to fit our mold we ll seek to create a customised solution for you. A first- class financial institution We provide a full range of services to private, commercial and institutional clients around the world and we ll look after your financial interests, down to the last detail. Geographic reach Reflecting our strength in international banking, Butterfield Bank has offices in: Bermuda Bahamas Barbados Cayman Islands Guernsey United Kingdom Excellent track record We have $9.5 billion of assets under management and over $80 billion of client assets under management and administration Award-winning proprietary mutual funds Ongoing investment in systems and services Dedicated personnel, responsive service Our employees are of the highest calibre. The Wealth Management and Fiduciary Services team brings substantial expertise in fund administration, company management, Trusts and investments of all types. You ll always have access to experienced people who understand your business. If you have a question, we ll give you a fast and accurate response. Dedicated, personal service is our hallmark. Competitive fees We constantly monitor the local marketplace to ensure our fees are competitive. Our fee structure is clearly set out and we re happy to supply quotes in advance on a case by case basis, tailored around your requirements. You won t pay premium prices to receive superior Butterfield Bank service. 3

5 The Cayman Islands the place to do business As a jurisdiction, the Cayman Islands offer you a host of significant advantages. A low tax jurisdiction In the Cayman Islands, businesses and individuals are not subject to: Income tax Withholding tax Capital Gains tax Inheritance tax Gift tax Death tax Note - while the Cayman Islands is a low tax jurisdiction, clients may have tax obligations in their own countries. Independent tax advice should be sought. Modern legislation Up-to-date legislation, designed specifically for the needs of international business, results in the Cayman Islands being a convenient and favourable location for a wide range of investment activities and international finance transactions. Political and economic stability As a British Overseas Territory with a stable political and economic system, the Cayman Islands represents a safe and reliable base for your business and investment. Well-regulated financial environment The jurisdiction s regulatory framework ensures that all banking and financial business conducted in the Cayman Islands meets the highest international standards. 5

6 Investment Services building wealth Consistent, above-benchmark returns at controlled levels of risk this is our objective. We can help you achieve your financial goals through a wide range of investment products. Our performance record, investment philosophy and offshore expertise have made us the choice of individuals, pension plans and insurance companies seeking to grow their assets. We ll find the best product to meet your investment objectives and offer you maximum flexibility along the way. Achieving results Diversification is the key to attaining your investment objectives. Portfolios are strategically diversified across asset classes, market capitalisation, geographic regions and industry sectors. Through active portfolio management, we seek to deliver superior returns while controlling exposure to risk. Award-winning Butterfield family of funds Recognising the variety of investment objectives and risk tolerance levels of different investors, we offer to eligible investors a series of 14 in-house managed mutual funds domiciled in Bermuda and Cayman consisting of: Standard & Poor s AAAm-rated money market funds Fixed income funds Equity funds Balanced funds Funds of funds Discretionary portfolio management Drawing on our extensive expertise, we ll manage your account to suit your specific investment needs. Regular meetings and updates with your portfolio manager will ensure you re fully informed at all times. Brokerage services Should you choose to manage your own portfolio, we offer an extensive range of brokerage services. In addition to individual securities, we also offer access to a number of well-respected third-party mutual funds. Custody services Our global custody team will provide you and your advisor with a true global custodian service. With dealing and settlement capabilities in all major markets and many smaller markets, the coverage is extensive. Working with a network of service providers, brokers and international clearing houses, we provide dealing, settlement, corporate action and dividend services in a seamless process that connects you to the heart of global markets. The Bank is a Qualified Intermediary for acting as custodian of U.S. assets and will provide assistance in understanding the withholding tax regimes of different markets. From Standard & Poor s AAAm-rated money market funds to pure equity growth funds, we have products to fulfill many different investment objectives and risk tolerance levels of investors. 7

7 Fiduciary Services segregate and accumulate We specialise in the management and administration of a variety of offshore legal structures including Trusts, Companies, SPVs and Licensed Financial Institutions, which are used either to hold valuable assets or conduct business transactions. Segregation of assets or activities within separate legal entities is an essential tool in the efficient management of both private and corporate wealth. Segregation can take many forms, for example: Ownership of a portfolio of investment assets for a discrete number of investors Setting aside separate funds for the benefit of children, specified individuals or groups Dividing the ownership of different asset classes, for example to separate the ownership of real estate and investments Isolating a category of business that is separate and distinct from the core-business Holding a pool of assets safe from potential future liabilities Irrespective of the need, it is often vital to ring-fence assets or activities within a separate legal structure in a low tax environment. Our client-base extends from private individuals to international banks and corporations, who trust us with the responsibility of managing their assets, collectively running into billions of dollars. Our range of services includes: Trust Management We can attend to all of the formalities of establishing and maintaining a trust structure to meet clients precise requirements. From highly-tailored, complex trusts to standardised short form or fixed-interest trusts, we can provide fiduciary structures to cover every scenario. Company Management We specialise in the administration of a variety of offshore companies to hold assets or participate in transactions. Our services cover Company incorporation as well as several administrative service-levels from registered-office only, to complete offshore mind and management where we provide directors. Family Office Many families require a holistic service to manage their offshore needs. We are happy to tailor the various services that we offer including banking, trust and company management, accounting, administration, and physical-presence services, to meet the precise requirements of such clients. Institutional Services We are proud to provide the Cayman presence for many prestigious financial and business organisations that have chosen us to represent them, rather than incur the cost of their own physical presence. We have the staff and experience to provide everything that is needed for a Cayman-based company and can guide clients through the regulatory and practical issues of establishing an offshore presence. Our senior managers can provide the interface with the parent company and act as the contact point with the Cayman Regulator. We also provide offshore products for financial institutions that have no offshore capability themselves, whereby they maintain all client contact and we provide complete trust and corporate services. SPVs (Special Purpose Vehicles) We provide a variety of services for the structured finance, securitisation and capital markets, pension funds, and mutual funds who generally need a combination of trust and company administration, registrar services and paying agent, together with banking and escrow services. We also provide directors to guarantee mind and management of these vehicles is kept offshore. Accounting Practice Our in-house accounting practice produces formal financial statements (to GAAP, IFRS or other standards) for audit. In addition to the production of annual accounts for the entities that we manage (which range from the relatively simple to the highly complex), we are delighted to take on special accounting projects of all descriptions. Above all, our clients can rely on our informed and experienced professionals who are able to access all of the services of a major offshore bank and deliver highly-personalised and responsive services. 9

8 Fund Administration your international partner Butterfield Fund Services specialises in providing third party administration for offshore funds in Bermuda, The Bahamas, Guernsey and the Cayman Islands and acts for a number of the world s leading investment management groups. Establishing and administering an offshore fund is an increasingly complex process and requires a broad range of specialised capabilities. With our professional and experienced staff, leading technology and international capabilities, Butterfield Fund Services provides a full range of specialised fund administration services to offshore fund managers. On our clients behalf, we carry out a variety of fund-related duties. Our extensive knowledge of the laws affecting investment funds in each of these jurisdictions gives clients the confidence that all of the fund-related regulatory requirements are being fulfilled. Clients also benefit from the cost-effective advantages of establishing an offshore base without having a physical presence in the jurisdiction. Butterfield Fund Services employs over 196 staff of which 43 are based in the Cayman Islands. Assets under administration exceeds $49 billion with full administration services being provided to over 750 mutual and hedge funds. Personal, customised service We ll review and discuss your plans, prepare a proposal based on your specific requirements and introduce you to other local professionals, such as lawyers and auditors, who can advise on all aspects of your offshore fund. Because we recognise and appreciate your unique needs, we offer our services separately or as a package. During the start-up phase and after the launch of your fund, addressing your priorities is always our number one concern. We understand the offshore fund business and offer solutions to help you achieve your goals. Knowledge and expertise Within the private wealth management field we are recognised for our strong emphasis on personal service. You can rely on having informed and experienced professionals who are familiar with your financial matters and will meet your needs at every stage. Expert service Our services are supported by leading technology and delivered on a timely basis by a professional, highly experienced team: Fund Services - Calculation of Net Asset Values - Registrar and transfer agency - Shareholder services - Maintenance of books and records - Registered office - Corporate secretarial services - Foreign exchange and forward currency contracts 11

9 The next step... Experience the quality, personalised service that Butterfield Bank provides. Please contact us at any time. We re happy to give advice and talk through your specific requirements. Visit our nearest office or pick up the phone. We look forward to working with you. Tel: (345) Fax: (345) Investment Services Fiduciary Services Butterfield Fund Services (Cayman) Limited This brochure is for information purposes only and does not constitute an offer or solicitation of products or services where prohibited by law. It is designed to provide general information on our services and is based on laws and practices prevailing at the time of publication. Our investment products and services are not available in the United States of America, the United Kingdom or other jurisdictions where we are not authorised or permitted by local laws to promote or sell our products, and residents or citizens of certain countries may not be eligible to utilise these services. This information is not intended to be exhaustive and does not constitute legal advice. Our goal is to provide an overview of our services. We will be pleased to offer more comprehensive and specific information and we invite you to contact the relevant unit to discuss your specific requirements. The Butterfield Funds are investment companies owned by their investors as shareholders, and are therefore independent entities from the Bank. Each of the Funds is subject to its respective market risk and the Bank does not guarantee the investments. Past performance does not guarantee future results. All applications for funds must be made on the basis of a current prospectus. 12

10 BB&P Butterfield House, 68 Fort Street, P.O. Box 705 GT, Grand Cayman, Cayman Islands Tel: (345) Fax: (345)