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Bradford Kopp

The Butterfield Fulcrum investment follows their 2009 acquisition of FORS Limited, an independent provider of family office and wealth management reporting and administrative services. Butterfield Fulcrum and FORS will be brought together into one parent company, headquartered in Bermuda. They will operate as separate businesses and continue to be run by their current management teams.

The transaction is expected to close in Q1 2011, subject to regulatory and governmental approvals. Butterfield Fulcrum is currently owned by 3i Group plc and The Bank of N. T. Butterfield & Son Limited (Butterfield). Upon completion of the transaction, Messrs. Henderson and Calveley will have significant ownership stakes, along with BV Investment Partners. Financial terms of the transaction were not disclosed.

Chris Mulhern will remain as COO of Butterfield Fulcrum, while Tim Calveley will is COO of the parent company.

“This investment reunites Tim and me with the senior management of Butterfield Fulcrum,” said Glenn Henderson, who will take on the role of CEO of the parent company and Butterfield Fulcrum. “Tim and I know the current management team well. We share the same guiding principles and our complete focus will be to continue to deliver quality service to our clients.”

“Both Butterfield Fulcrum and FORS have excellent management teams and provide great value to our clients through our service offerings and technology platforms,” said Tim Calveley, who will become COO of the parent company while continuing as CEO of FORS. “We have structured the group with our clients’ needs in mind. The respective teams of both companies will provide the same level of expertise and continuity while increasing our commitment to client service.”

With the combination of Butterfield Fulcrum and FORS, the company will offer comprehensive outsourcing solutions across the alternative investment management, family office and trust industries.

The long-standing relationship with Butterfield will remain intact, providing commercial banking, Forex and custodial services for the group’s clients. “We look forward to continuing a long banking and client relationship with the group,” said Brad Kopp, President and CEO of Butterfield.

Source

(press release)

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