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Fulcrum Group, Butterfield Fund Services to form Butterfield Fulcrum Group05/08/2008. Source: AltAssets. 
 Hedge fund and alternative asset management administrator Fulcrum Group and Butterfield Fund Services, a provider of administration services to investment and pension funds, have agreed to merge to create Butterfield Fulcrum Group.
Headquartered in Bermuda, BFG will have approximately 400 employees in ten locations across nine countries. The firm will have almost $100bn in assets under administration from nearly 1,000 hedge funds, funds of funds, private equity and institutional investment management clients.
Butterfield will retain a substantial equity stake in the new company, while 3i, an existing shareholder in Fulcrum Group, will own a majority interest.
Akshaya Bhargava, CEO, Fulcrum Group, said, '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. Our vision is to create the best fund administration company in the world.'
Whitney Bower, 3i partner, added, 'We are proud to have been a part of Fulcrum's growth and believe that Butterfield Fulcrum Group will be a major force in the global fund administration industry.'
Following the merger, Bhargava will become the CEO of the new company, while Fulcrum chairman Jill Considine will become chairman of the BFG board. Alan Thompson, president and CEO of Butterfield, and Graham Brooks, executive vice president, international at Butterfield, will also join the board, along with other representatives from Fulcrum and 3i.
Fulcrum was acquired by 3i in 2007. The firm has offices in New York, London, Bermuda, Canada, Ireland, the Cayman Islands and India.
Butterfield Fund Services is part of Bermudan bank The Bank of N. T. Butterfield & Son.
Copyright © 2008 AltAssets
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