Mon, Jan 16, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Company veterans acquire Butterfield Fulcrum

Wednesday, February 09, 2011

Bradford Kopp
Opalesque Industry Update - Fund industry executives Glenn Henderson and Tim Calveley announced today that they have partnered with BV Investment Partners, a leading middle market private equity firm, in an agreement to acquire fund administrator Butterfield Fulcrum.

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)

kb

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Southpoint Capital gains 3.8% in Q3, bringing year-to-date returns to 5.2%[more]

    From Valuewalk.com: Southpoint Capital Advisors, the $3 billion New York hedge fund founded by former employees of David Einhorn’s Greenlight Capital, added 3.8% net during the third quarter of 2016, bringing year-to-date returns to 5.2% and cumulative returns since inception (July 2004) of 237.4% a

  2. The Big Picture: The case for emerging market debt in 2017[more]

    Benedicte Gravrand, Opalesque Geneva: Emerging market (EM) assets outperformed in 2016 mainly because of stronger fundamentals and an improving international environment, with GDP picking up speed, leading to positive earnings revisions for the first time in five years,

  3. Hedge funds gain across strategies in December, outperform MSCI to close at record index level in 2016[more]

    Komfie Manalo, Opalesque Asia: Hedge funds posted gains across all strategies in December to conclude 2016, with the HFRI Fund Weighted Composite Index (FWC) rising to a record index value level as oil prices surged, equities gained and U.S. interest rates increased into year end, accordin

  4. Performance - BlackRock's robot stock-pickers post record losses, Soros-backed fund Glen Point loses in first trading year, Regal Funds Management: Bleak year as returns in key funds plunge 25pc, Elm Ridge Capital up 25% in 2016[more]

    BlackRock's robot stock-pickers post record losses From Bloomberg.com: Like so many fund titans these days, Laurence D. Fink is betting on machines to turn around BlackRock Inc.'s beleaguered stock-picking business. Trouble is, they just might have made things worse. BlackRock

  5. Eurekahedge Hedge Fund Index up 1.01% in December (+4.48% YTD)[more]

    Hedge funds gained 1.01% during the month of December, with 2016 returns coming in at 4.48%. Meanwhile, underlying markets as represented by the MSCI AC World Index (Local) gained 2.38% in December with its 2016 returns coming in at 7.37%. North American equity markets traded higher in December as t