The Tribune

The Bank of N.T. Butterfield & Son yesterday announced that a senior trust executive will relocate to its Bahamas offices and take on a senior role in promoting this product.

Ron Schmalcel, who is currently vice-president and head of corporate trust at Butterfield Trust (Bermuda), will head to Butterfield’s Bahamas office to take on the senior group role of vice-president of marketing and product/service development for corporate trust services.

In this capacity, Mr. Schmalcel will be responsible for service delivery to existing institutional clients and the development of new corporate trust and related business opportunities.

He will work closely with the corporate trust specialists in Butterfield Trust’s Bermuda, Bahamas, Cayman Islands and Guernsey offices.

Corporate trust services include a variety of solutions to meet the requirements of institutional clients, such as international pension funds, employee benefit trusts, and the provision of unit trust trusteeship for certain investment fund structures.

Mr Schmalcel is an active member of the Society of Trust and Estate Practitioners (STEP). He practiced tax and estate planning in Canada for more than a decade before being appointed to senior roles in the fiduciary industry in the Bahamas. He joined Butterfield in Bermuda in 2008.

Bob Moore, Butterfield’s executive vice-president and head of group trust, said: “Ron’s appointment to this senior role underlines our commitment to institutional clients and their wide-ranging fiduciary service requirements.

“His experience will allow us to concentrate in more depth on the particular specialist needs of institutional clients internationally, and on harnessing the capabilities of our offices, particularly in Bermuda, the Cayman Islands, the Bahamas and Guernsey, to meet these needs.

“This involves the continual refinement of products and services to ensure that our offer remains appropriate and innovative in this ever-changing market.”