Fund Administrator Butterfield Fulcrum has been sold to a consortium comprising private equity firm BV Partners and industry veterans Glenn Henderson and Tim Calveley.
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 and The Bank of N. T. Butterfield & Son Limited (Butterfield). Upon completion of the transaction, Henderson and Calveley will have significant ownership stakes, along with BV Investment Partners. Financial terms of the transaction were not disclosed.
Henderson previously served as the CEO of Fulcrum Limited and chief sales officer of Butterfield Fulcrum. He joined Fulcrum in 2003 and remained until the company was sold in 2007. Calveley was CFO and chief risk officer, Fulcrum Limited and Butterfield Fulcrum until 2008. Both were involved in the merger of Fulcrum Limited and Butterfield Fund Services to create Butterfield Fulcrum.
“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 and Chris Mulhern remains COO of Butterfield Fulcrum. “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.
