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Butterfield Fulcrum Group completes merger to become USD100bn administrator

Date: Wednesday, September 17, 2008
Author: Hedgeweek.com

Butterfield Fund Services, formerly a wholly-owned subsidiary of Bermuda's Butterfield Bank, and Fulcrum Group, an independent fund administrator also with headquarters on the island, backed by 3i, have completed their merger to form Butterfield Fulcrum Group, which claims to be one of the top ten independent alternative fund administrators worldwide.

Following the announcement of the planned merger on August 5, regulatory approval has now been received in all relevant jurisdictions. Headquartered in Bermuda with around 400 employees in nine countries, Butterfield Fulcrum Group has more than USD100bn in assets under administration from nearly 1,000 hedge funds, funds of funds, private equity and institutional investment management clients.

'We are extremely pleased that we have received the necessary approvals and can now move forward with the work of integrating Fulcrum Group and Butterfield Fund Services,' says Akshaya Bhargava, chief executive of the combined company.

'We have a very talented team of professionals across the Butterfield Fulcrum Group network who are eager to help us fulfil our goal of becoming the world's best fund administrator. All of us are committed to ensuring that the transition will be seamless for clients.

'Within very short order, we expect that clients will begin to experience the benefits of this merger, with access to a broader range of services, enhanced technology and office locations in multiple time zones.' Outside Bermuda, the firm has service centres in Canada, Ireland and India and subsidiary offices in the UK, US, the Bahamas, the Cayman Islands and Guernsey.

Butterfield Bank retains a substantial equity stake in the new company while 3i, the private equity firm that was the majority shareholder in Fulcrum, provided further investment through the merger.

Jill Considine, who had just become chairwoman of Fulcrum, will head the Butterfield Fulcrum board. Alan Thompson, Butterfield Bank's president and chief executive and Graham Brooks, an executive vice-president at Butterfield Bank, will also join the board, along with other representatives from Fulcrum and 3i.

'With the necessary approvals now in place, the Butterfield Fulcrum Group will be a major force in the global fund administration industry,' says 3i partner Whitney Bower. '3i's industry knowledge and strong global network have enabled us to support Fulcrum's international expansion, particularly in Europe and India, and we look forward to accelerating this growth through the partnership which this merger brings.'