Bank of Bermuda Ltd. has appointed Fred Busk III as president and chief executive officer of the company's New York subsidiary.

Mr. Busk succeeds Edgar C. Felton who retires on March 31 from Bank of Bermuda (New York) Ltd. Mr. Felton will continue as chairman of the subsidiary and provide advisory services to the bank after his retirement.

Mr. Busk has been serving as general manager and a board member of the New York office. He will now become responsible for the management of the subsidiary, which recently altered its charter to become a limited purpose trust company.

The subsidiary offers specialised custody, accounting and valuation services to the domestic and international institutional fund management industry, and trust services to the insurance sector.

Mr. Busk is a citizen of both Bermuda and the US.

BUSINESS BUC