The bank's Buttress liquid reserve limited fund was assigned an `aaa' risk rating and an `AAf' credit rating.

The risk rating scale ranges from `aaa', lowest volatility, to `ccc', highest volatility.

The credit rating reflects very strong protection against losses from credit defaults.

"These ratings reflect the fund's extremely low sensitivity to changing market conditions and stability of returns as well as the high credit quality of its eligible investments and counterparties,'' the bank said.

The fund's investment advisor is Butterfield Asset Management Ltd., a wholly owned subsidiary of the bank.

Butterfield Asset Management currently advises six other Buttress related mutual investment entities with assets under management estimated to be well over $1 billion.

The four-cent dividend was announced with the company's recent results and had a record date of May 15.

Bermuda company Sphere Drake Holdings Ltd. announced that the record date for payment of a dividend has been changed.

The dividend will now be paid to shareholders of record May 22, said Bloomberg business news service.

The payment date, May 29, remains as previously announced.

The four cent dividend was announced with the company's recent results and had a record date of May 15.

The Bermuda International Business Association (BIBA) , announced yesterday the addition of Bermuda Asset Management to the organisation's list of members.

The addition brings membership to 42.

"BIBA's members play an active role in the development of the international business industry,'' a spokesperson said.

Regular committee meetings, as well as dialogue with government, encourage the exchange of information and new ideas.

This industry-wide communication furthers our overall objective of working to keep Bermuda competitive,'' said Mr. Cummings Zuill, BIBA chairman.

"We are delighted to add Bermuda Asset Management to our growing roster of members.'' Mr. Zuill noted that BIBA has received 18 applications for the position of marketing assistant.

The position is a full-time position supporting the organisation's overseas and local marketing initiatives.