Butterfield’s head of private banking Danny Dixon and group chief investment officer David Stewart have both left the firm.
Dixon departs after just over a year in the role. He had been tasked with building the firm’s wealth management offering. Stewart (pictured), meanwhile, 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, although 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.’
Dixon was appointed head of Butterfield’s private banking division in late 2010, after a reshuffle in which previous head Raymond Sykes became overall managing director at the firm. He joined from Coutts, where he was a regional head.
The private bank had around £404 million in assets under management as of the third quarter of last year, up slightly from £371.7 million at the end of September 2010. Assets under administration stood at £928 million, up from £800 million in September 2010.
The Bermuda-based bank has undergone challenging times in recent years. Having received two bailouts during the credit crisis – although the London-based private banking and asset management arms were protected from this – the Carlyle Group joined as a shareholder in March 2010, completing a $550 million (£353 million) recapitalisation, and was joined by Canadian bank CIBC.
Stewart, a former Wealth Manager cover star, joined after the first bailout. He enjoyed a number of high profile roles prior to Butterfield, including head of research at the Abu Dhabi Investment Authority and CIO at JM Finn between 2001 and 2006.
When Stewart was profiled in September 2011, he said the bank had around 400 private clients in London, split between segregated accounts and Oeics. He also estimated that annual growth was around 15% on the private client side.