Alastair Murray leaves Butterfield for pastures new

Managing director of Bank of Butterfield''s trust business in Asia moves to HSBC.

After 15 years with Bank of Butterfield, Alastair Murray is moving to HSBC to fill the shoes of Philip Duckworth who retires early next year. Murray will report to Jonathan Hubbard, managing director of HSBC Trustee Limited.

While Murray's exact title at HSBC is yet to be confirmed, he will run the bank's corporate trust business which includes acting as trustee for funds under the Mandatory Provident Fund (MPF) scheme and the Occupational Retirement Schemes Ordiance, and a significant number of Hong Kong unit trusts. HSBC claims to control over 50% of the trustee business for MPF.

Bank of Butterfield is now seeking a replacement for Murray, having divided his responsibilities into two roles. The bank's CEO for Hong Kong, Austin Caffrey, will run the trust side of the business for MPF and ORSO clients, while a new recruit will be charged with fund administration.

Murray has been with Bank of Butterfield in Hong Kong for 13 years, spending the last five years as managing director of Butterfield Trust (Hong Kong). He has seen the business through the Asian financial crisis and the launch of the MPF. He is also an active member of the local trustee association.