ButterfieldFunds Win Prestigious Awards
For the fifth consecutive year, ButterfieldFunds have won performance awards from Standard & Poor's Micropal(S&P). The S&P Awards are considered to be a global standardby which fund managers and investment management groups are measured.
Butterfield Funds have received the following2002 awards from Standard & Poor's for their performance:
· Butterfield International Balanced Fund USD: FirstPlace in the World for Five Year Performance (Asset
Allocation, Global Neutral Sector - outof 36 funds)
· Group of Butterfield Funds: SecondPlace in the World for the Five Year Performance of the entirefamily of Butterfield Funds across all sectors (Offshore Funds- Smaller Groups Category, for companies with four to 14 fundsin four or more sectors)
· Butterfield Capital AppreciationBond Fund: First Place in the World for Five Year Performance(Fixed Income, Global Sector - out of 43 funds)
· Butterfield Capital AppreciationBond Fund: First Place in the World for One Year Performance (FixedIncome, Global Sector - out of 61 funds)
"We are very pleased to be recognisedagain with these prestigious awards. This is very much a teameffort and involves participation from our Cayman, Guernsey andBermuda investment managers," said Ian Coulman, Vice Presidentand Managing Director, Butterfield Asset Management in Bermuda."This year's awards are particularly impressive since theydemonstrate that our investment strategy has out-performed consistentlyover a long-term, five-year period across all sectors. This isthe result of the ongoing application of a sound investment philosophyon a consistent basis, as has been demonstrated by our award winninghistory," he said.
"We are especially proud of the performanceof the Butterfield International Balanced Fund, Cayman's firstlocally managed and administered Balanced Fund. To consistentlyout-perform similar Funds over a five-year period is a reflectionof the dedication and commitment of the entire Butterfield investmentteam."., said Sheree Ebanks, Director and Head of Asset Managementin Cayman. "The Balanced Fund was launched in Cayman in July1996, therefore it is quite an accomplishment to win this awardin the first five years of operation."
The awards are judged according to S&P's'Relative Risk-Adjusted' calculation. "Funds that steadilypull ahead of their benchmark should be rewarded over funds thatare more erratic against their benchmark, even if both rose bysimilar percentages," according to S&P.
Butterfield currently has 5.5 billion dollarsunder management. Drawing upon the resources of the entire ButterfieldGroup (with offices and subsidiaries in Barbados, Cayman, Guernsey,Hong Kong and the UK), the Cayman operation is able to take advantageof an international perspective.