Mitsubishi will add lending to Butterfield Fulcrum
24 June 2013 Hamilton
Image: Shutterstock
Mitsubishi UFJ Trust and Banking Corporation (MUTB) is to acquire Butterfield Fulcrum, promising that securities lending will be added to the fund administrator.
Glenn Henderson, CEO of Butterfield Fulcrum Group, said: 鈥淭his acquisition will reinforce our ability to deliver the highest quality fund services to our clients, while significantly increasing our breadth of products and services, our geographic reach and our financial strength.鈥�
Butterfield Fulcrum will become the global alternative asset administration platform of MUTB. The senior management team, as well as all management and staff in all Butterfield Fulcrum offices will remain with the company.
鈥淏acked by the strength of MUFG, we expect to add numerous additional client services in the near future, including banking, custody, trust, foreign exchange and securities lending.鈥�
鈥淲e will be leveraging MUFG鈥檚 global brand and presence along with Butterfield Fulcrum鈥檚 industry leading technology and talent to expand into new geographies and client opportunities. Importantly, for existing clients, it is business as usual. Our valued clients will have the same client team, same technology and the same high quality of service they expect and deserve. That is our highest priority鈥�, said Tim Calveley, deputy CEO of Butterfield Fulcrum.
Financial terms of the acquisition were not disclosed. The transaction is subject to normal regulatory approvals. Evercore Partners served as exclusive financial advisor on the transaction and Ropes & Gray provided legal counsel.
Glenn Henderson, CEO of Butterfield Fulcrum Group, said: 鈥淭his acquisition will reinforce our ability to deliver the highest quality fund services to our clients, while significantly increasing our breadth of products and services, our geographic reach and our financial strength.鈥�
Butterfield Fulcrum will become the global alternative asset administration platform of MUTB. The senior management team, as well as all management and staff in all Butterfield Fulcrum offices will remain with the company.
鈥淏acked by the strength of MUFG, we expect to add numerous additional client services in the near future, including banking, custody, trust, foreign exchange and securities lending.鈥�
鈥淲e will be leveraging MUFG鈥檚 global brand and presence along with Butterfield Fulcrum鈥檚 industry leading technology and talent to expand into new geographies and client opportunities. Importantly, for existing clients, it is business as usual. Our valued clients will have the same client team, same technology and the same high quality of service they expect and deserve. That is our highest priority鈥�, said Tim Calveley, deputy CEO of Butterfield Fulcrum.
Financial terms of the acquisition were not disclosed. The transaction is subject to normal regulatory approvals. Evercore Partners served as exclusive financial advisor on the transaction and Ropes & Gray provided legal counsel.
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