Butterfield Bank Group has appointed Cornelio Cappelletti as the managing director of Butterfield Asset Management Switzerland Ltd.

Butterfield Asset Management Ltd., based in Zurich, specialises in providing wealth management services to private clients.

Mr. Cappelletti has extensive experience in the asset management and banking sectors and has worked with several major Swiss banking institutions. He has held senior positions at Credit Suisse, Wetzikon, St Gallische Kantonalbank, Linthgebiet and was CEO at Sparkasse Horgen AG before leaving to join a partnership specialising in asset management. Mr. Cappelletti will report to Jim Parker, who has overall responsibility for the group's activities in Switzerland.

Graham Brooks, executive vice-president of the international division said: "Mr. Cappelletti's appointment will open a new chapter in the development of our presence in Switzerland and provide substantial opportunities for the expansion of our asset management business from our base in Zurich."