Hedge Fund Admin Firm Snapped Up By Mitsubishi UFJ

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.


In Depth

Virtu Celebrates Another Year Without a Single Day of Losses

Feb 26 2015 | 9:05am ET

High-frequency trading firm Virtu Financial Inc. reported another year without a...

Lifestyle

Hedge Fund Manager Out as Minnesota Wild Minority Owner

Feb 25 2015 | 2:45pm ET

New York hedge fund manager Philip Falcone is no longer a minority owner of the...

Guest Contributor

Risk: How To Get In Front Of The Problem

Feb 26 2015 | 9:53am ET

In considering the topic of risk in the hedge fund world, specifically, the oversight...

 

Editor's Note