Tuesday, 25 October 2016
Last updated 6 hours ago
Jun 20 2013 | 3:13pm ET
Alternative fund administration firm Butterfield Fulcrum has agreed to be acquired by Mitsubishi UFJ Trust and Banking Corporation.
The acquisition will see Butterfield Fulcrum become the global alternative asset administration platform of MUTB, a large family of financial companies. The senior management team, as well as all management and staff in all Butterfield Fulcrum offices will remain with the company.
“This acquisition will reinforce our ability to deliver the highest quality fund services to our clients, while significantly increasing our breadth of products and services, our geographic reach and our financial strength," said Glenn Henderson, CEO of Butterfield Fulcrum Group.
“Backed by the strength of MUFG, we expect to add numerous additional client services in the near future, including banking, custody, trust, foreign exchange and securities lending,” said Tim Calveley, deputy CEO of Butterfield Fulcrum. He also told existing customers—which include a large number of hedge funds—not to worry, it would be “business as usual.”
Financial terms of the acquisition were not disclosed. The transaction is subject to regulatory approvals. Evercore Partners served as exclusive financial advisor on the transaction and Ropes & Gray provided legal counsel.