Friday, 30 September 2016
Last updated 5 hours ago
Aug 5 2008 | 10:18am ET
Global hedge fund administrator Fulcrum Group and Butterfield Fund Services have agreed to merge to create Butterfield Fulcrum Group.
The new entity, like its predecessors, will be headquartered in Bermuda and will have close to $100 billion in assets under administration and nearly 1,000 hedge fund, fund of funds, private equity and institutional investment management clients. BFG is expected to rank among the top 10 independent alternative asset fund administrators in the world following the completion of the merger.
Butterfield will retain a substantial equity stake and 3i, an existing private equity shareholder in Fulcrum Group, will own a majority interest in Butterfield Fulcrum Group.
“This is an enormous win-win for both companies that will leverage sales and operational capabilities of Fulcrum Group, and the tremendous customer relationships and global reputation of Butterfield Bank Group,” said Akshaya Bhargava, CEO of Fulcrum Group, who will become CEO of BFG.
“Our vision is to create the best fund administration company in the world."