Hamilton, Bermuda – 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.
“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 client’s 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.
About Butterfield Fulcrum
Butterfield Fulcrum is a leading independent alternative fund administration company by assets under administration with more than two decades of experience servicing clients in the alternative investment industry. Butterfield Fulcrum provides administration, middle office and risk reporting services to hedge funds, fund of funds, managed accounts, private equity and real estate funds. Headquartered in Bermuda, the company services more than 700 funds and has 10 offices in eight countries. For more information, please visit www.mitsubishiufjfundservices.com.
FORS Limited is an independent global organization providing accounting and reporting solutions to Family Offices, Multi-Family Offices, Trust Companies and Private Clients. FORS has offices in Bermuda, New York, Singapore and Toronto. The FORS team is committed to providing an exceptional level of personalized service focusing on meeting the unique demands of our clients, utilizing a leading family office web based technology platform to provide reporting solutions on client assets in excess of $25 billion. Its range of services include: a comprehensive accounting solution for family offices and trustees, preparation of financial statements, customized reporting solutions, investment monitoring, performance reporting and family office administrative services. For more information, please visit www.fors.bm.
About BV Investment Partners
BV Investment Partners is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested over $2.6 billion in over 70 companies, actively targeting investments in the information and business services, communications and media industries. For more information, please visit www.bvlp.com.
Lisa Jane O’Neil
LJO Associates, Inc
Tel: +212 786 7629 or 917 361 8303