Japan’s Mitsubishi UFJ Financial Group (MUFG) has agreed to acquire Butterfield Fulcrum Group, a Bermuda-based hedge fund administrator.
The Japanese lender’s Mitsubishi UFJ Trust and Banking Corporation (MUTB) unit will acquire a stake in Butterfield, which services the alternative asset investment industry, from BV Investment Partners, according to a statement from the seller.
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Post acquisition, 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.
Tim Calveley, deputy CEO of Butterfield Fulcrum, said: "Backed 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.
"We will be leveraging MUFG’s global brand and presence along with Butterfield Fulcrum’s industry leading technology and talent to expand into new geographies and client opportunities," Calveley said.
Financial terms of the acquisition were not disclosed. The transaction is subject to normal regulatory approvals.
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