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1 March 2004
Butterfield Money Market Fund Sterling Class Wins Industry Award from iMoneyNet

Hamilton, Bermuda: The performance of the Butterfield Money Market Fund Sterling Class has been recognised by iMoneyNet, a leading provider of information about money market mutual funds. The fund was named Top Manager for 2003 in the Offshore Money Fund Report Awards for Sterling Money Market Funds. The award is presented to portfolio managers with the highest gross total returns for the year. The Butterfield Money Market Fund Sterling Class, offered by Butterfield Asset Management Limited (BAM), achieved a gross total return of 3.75%, in 2003, outperforming the 22 other funds evaluated by iMoneyNet in this category.*

"We are very pleased to have won our first award from iMoneyNet, a leading international provider of information on money market funds. The award for the sterling class is particularly satisfying as it was won in competition with money market funds run by some of the large investment houses in the world," said Ian Coulman, Managing Director of BAM.

John Humphreys CFA, Assistant Vice President and manager of the Money Market Fund Sterling Class believes that three main factors contributed to the fund's success. "The outperformance can be attributed to correctly assessing macroeconomic conditions affecting the UK and Bank of England, carefully timing decisions to extend or shorten the life of the portfolio, and purchasing Euro commercial paper and floating rate notes which consistently offered the best risk-adjusted returns," he said.

iMoneyNet awards Offshore Money Fund Report Awards for the top-performing US dollar, euro and pound sterling money market funds offered to non-US investors. To be eligible for a Top Manager Award for 2003, the fund had to have total portfolio assets of at least 100 million in dollars, euros or pound sterling.

BAM offers a range of eight mutual funds in the fixed income, balanced and equity categories including a fund of funds, Butterfield Select, with three asset classes. The Butterfield Funds are listed on the Bermuda Stock Exchange and/or the Cayman Islands Stock Exchange..

Butterfield Asset Management is a wholly owned subsidiary of The Bank of N.T. Butterfield & Son Ltd. and is licensed to conduct investment business by the Bermuda Monetary Authority.

*Past performance is not a guarantee of future results.


For more information contact:
Dianne Brewer, Vice President, Marketing & Communications
E-mail: or Telephone: (441) 299-3979


Note to Editors: Butterfield Bank, Bermuda’s first bank, offers a full range of Community Banking services in Bermuda, Barbados and the Cayman Islands, encompassing retail and corporate banking and treasury activities. As a specialist offshore financial services group the Bank also provides Private Banking, Wealth Management & Fiduciary Services and Investment & Pension Fund Administration Services from its headquarters in Bermuda, and its subsidiary offices in the Cayman Islands, Guernsey, The Bahamas and the United Kingdom.


Butterfield Bank is a publicly traded corporation with its shares listed on the Bermuda and Cayman Islands stock exchanges. The Bank’s share price is published daily in The Royal Gazette and is also available on Bloomberg Financial Markets (symbol: NTB BH) and The Bermuda Stock Exchange web site:  Further details on the Bank can be obtained from its web site at:


For more information, contact:


Dianne Brewer, Vice President, Marketing & Communications


Telephone: (441) 299-3979




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