Fund administrator Butterfield Fulcrum is acquired by former executives

Feb 09, 2011 by Charles Gubert

Fund industry executives Glenn Henderson and Tim Calveley have teamed up with BV Investment Partners, a middle market private equity firm, in an agreement to acquire fund administrator Butterfield Fulcrum.

Terms of the transaction were not disclosed. However, the deal is expected to close later this quarter. Butterfield Fulcrum is currently owned by 3i Group and The Bank of N.T Butterfield & Son.

Henderson and Calveley helped lay the groundwork for the merging of Fulcrum Group with Butterfield Fund Services in the summer of 2008. Henderson was previously Fulcrum’s chief executive officer and is a shareholder in Butterfield Fulcrum. Calveley was Fulcrum and Butterfield Fulcrum’s chief risk officer and chief financial officer until 2008.

Both men left to acquire FORS, 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.

Henderson is expected to become chief executive officer of the parent company and Butterfield Fulcrum. Calveley will become chief operating officer of the parent company while remaining chief executive officer of FORS.

The existing chief executive officer of Butterfield Fulcrum Michael Clark will not remain at the company. Clark in turn had replaced Akshaya Bhargarva in July 2010.

“We have structured the group with our clients’ needs in mind,” said Calveley.

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.

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