HAMILTON, Bermuda (HedgeWorld.com)–The Bank of N. T. Butterfield & Son Ltd. expanded into the Bahamas with the purchase of Thorand Bank & Trust Ltd., of Nassau.

Bank of Butterfield had sought to enter the Bahamas market, which has shown a commitment to developing itself as an international business domicile, said Alan Thompson, president and chief executive of Bank of Butterfield, in a statement.

The company will be renamed Bank of Butterfield (Bahamas) Ltd., and its current president, Robert Lotmore, will continue with the business as a managing director.

In June, the bank said it would offer a hedge fund of funds to its pension and high-net-worth clients using the Butterfield Select Fund, a three-year old umbrella fund Previous HedgeWorld Story.

PBarr@HedgeWorld.com