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FAQs

Frequently Asked Questions

For more information about Butterfield Fund Services, please contact:

 

Doug Lang, Managing Director, Butterfield Fund Services, (441) 299-3933.

 

In the Bahamas:
Heather Bellot, Managing Director, (242) 393-8200

 

For Bermuda and the UK:
Tim Shave, Vice President, Business Services,Butterfield Fund Services, (441) 298-5578.

 

In the Cayman Islands:
John Lewis, Managing Director, (345) 815 7592

 

In Guernsey:
Patrick Firth, Managing Director, (44) 1481-737756

FAQs
How many employees are dedicated to fund accounting, shareholder servicing and the provision of administrative services?
How many employees are dedicated to fund accounting, shareholder servicing and the provision of administrative services?
Butterfield Fund Services currently has 235 employees within our group dedicated to fund accounting, shareholder servicing, and administrative services.
Where are the firm's fund accounting, shareholder servicing and administrative offices located?
Where are the firm's fund accounting, shareholder servicing and administrative offices located?
Butterfield Fund Services currently has offices in Bermuda, Cayman, Guernsey, and Bahamas. Butterfield Fund Services (Canada) Limited is scheduled to open in Halifax, Canada in Q2 2007.
How many funds are currently administered by BFS?
How many funds are currently administered by BFS?
More than 890 funds.
Do you perform all accounting functions in-house?
Do you perform all accounting functions in-house?
Yes, Butterfield Fund Services is a full service provider.  All accounting, registrar and transfer agent services are carried out in house.  Being that Butterfield Fund Services is a subsidiary of Butterfield Bank we also offer a range of ancillary banking services such as Corporate Banking, Custody & Investment Services, as well as Treasury services.
Does Butterfield Fund Services have a business continuity plan?
Does Butterfield Fund Services have a business continuity plan?
Butterfield Fund Services has a business continuity plan that is tested annually.  Hurricane Ivan tested our BCP plan in 2004 and proved it very successful.
Can the current systems interface with prime brokerage portfolio systems and/or multiple prime brokerage portfolio systems?
Can the current systems interface with prime brokerage portfolio systems and/or multiple prime brokerage portfolio systems?
Yes. The current system interfaces with prime brokerage portfolio systems and is robust enough to handle multiple brokers. We currently interface with some of the largest prime brokers.
Can the system interface with independent pricing services?
Can the system interface with independent pricing services?
Yes. The system currently interfaces with IDC and Bloomberg. Other pricing sources can be added as required.
Can information be accessed via the web?
Can information be accessed via the web?
We anticipate offering this capability by Q1 of 2007.
What are the firm's plans for systems and technology in the future?
What are the firm's plans for systems and technology in the future?
BFS will continue to acquire or develop the technology required to meet our clients’ requirements. We are currently implementing the Advent Geneva fund valuation and accounting system that is considered to be among the best technology of its type available. 
Are reports available to the investment manager and how quickly can these reports be provided?
Are reports available to the investment manager and how quickly can these reports be provided?
All reports relevant to fund accounting information, such as NAV reports, shareholder reports, and relevant documentation are available to the investment manager. Reports can also be customized to meet our clients' requirements.
What is the current size of Butterfield Fund Services hedge fund business in terms of assets? How many clients? What is the current breakdown by types (i.e., equity, fixed income)?
What is the current size of Butterfield Fund Services hedge fund business in terms of assets? How many clients? What is the current breakdown by types (i.e., equity, fixed income)?
Total group assets under administration exceed $65 billion with full administration services being provided to more than 890 mutual and hedge funds. We have the expertise and experience to administer a variety of strategies and structures.
What is the firm's experience with transferring funds from another administrator? How long will this process take?
What is the firm's experience with transferring funds from another administrator? How long will this process take?
Butterfield Fund Services is frequently asked by funds to assume administration responsibilities from their existing service providers. While the timing of these transfers depends on a number of variables including the size and complexity of the fund and the ability of the current administrator to provide timely information, we generally find that it takes between one and two months to complete the transfer.
The transfer process begins with the signing of a fee quote and an Administration Agreement The fund will then execute a termination letter to the former administrator. Sometimes this termination happens before we are even contacted, which makes timing very important. As soon as possible, we require notification of the names of all directors, authorized signatories and shareholders for Compliance checks.  If compliance clears all of the above, then we can proceed with getting account opening information and other KYC documentation from the fund. Finally we need a copy of the OM to see if changes need to be made due to clauses in the Administration Agreement (indemnities).
Can a fund incorporated in another jurisdiction be administered by BFS?
Can a fund incorporated in another jurisdiction be administered by BFS?
Yes, Cayman funds can be administered in Cayman, Bermuda, Bahamas, and Guernsey.
BFS also administer funds domiciled in Bermuda, Bahamas, BVI, as well as other domiciles.  Butterfield Fund Services can also administer Guernsey domiciled funds in Guernsey.

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