Butterfield Private Bank (UK) has seen the departure of managing director George Bogucki after three and a half years, IFAonline reports.

Raymond Sykes, director and head of private banking, has taken over Bogucki’s responsibilities on an interim basis while the bank searches for a successor, according to the report.

The departure of Bogucki, who initially joined the bank at the start of 2007, is reportedly due in part to the fact that M&A activity – an area in which he has particular expertise – is no longer a focus for the bank; Butterfield now focuses largely on private client wealth management and providing SIPP banking facilities for professional trustees, the publication said.

Butterfield had not responded to enquiries from WealthBriefing on the matter at the time of publication.