4 May 2011
Fund industry executives Glenn Henderson and Tim Calveley have announced that they have completed the acquisition of fund administrator, Butterfield Fulcrum, in partnership with BV Investment Partners, a middle market private equity firm, following regulatory and government approvals. The acquisition includes FORS Limited, an independent provider of family office and wealth management reporting and administrative services.
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 two companies will continue to be run as separate businesses by their respective management.
Glenn Henderson will take on the role of CEO of Butterfield Fulcrum while Tim Calveley will become COO of the parent company and continue as CEO of FORS. Sean Foley has been appointed CFO of Butterfield Fulcrum, effective immediately, while Chris Mulhern will continue in his role as COO & President.
Henderson and Calveley will have significant ownership stakes in the new company, along with BV Investment Partners. Financial terms of the transaction were not disclosed.
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 two companies will continue to be run as separate businesses by their respective management.
Glenn Henderson will take on the role of CEO of Butterfield Fulcrum while Tim Calveley will become COO of the parent company and continue as CEO of FORS. Sean Foley has been appointed CFO of Butterfield Fulcrum, effective immediately, while Chris Mulhern will continue in his role as COO & President.
“We are delighted to announce the closing of this acquisition,” said Glenn Henderson, CEO Butterfield Fulcrum. “This brings together two highly complementary businesses that are focused on client delivery, quality products and services, and a high level of industry expertise and experience that resides in a talented team of senior level executives and staff.”
“The return of Glenn Henderson and Tim Calveley to lead Butterfield Fulcrum is welcomed by current management and clients,” said Chris Mulhern, COO & President of Butterfield Fulcrum. “Butterfield Fulcrum is now positioned to provide a full service offering with front, middle and back office capabilities backed by a powerful technology platform to its clients.”
“It is our vision for both Butterfield Fulcrum and FORS that they will continue to provide the same level of expertise and continuity while increasing client service levels,” said Tim Calveley, COO of the parent company and CEO of FORS. “Our commitment is to the highest level of fund service solutions across the alternative investment management, family office and trust industries. “
Henderson and Calveley will have significant ownership stakes in the new company, along with BV Investment Partners. Financial terms of the transaction were not disclosed.
