Butterfield Fulcrum Group Announces New Chief Executive Officer

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Jul 07, 2010, 01:05 ET

LONDON, July 7 /PRNewswire/ -- Butterfield Fulcrum, a top five independent alternative fund administrator, is pleased to announce the appointment of its new Chief Executive Officer Michael K. Clark.

Michael is a veteran with over 25 years of experience in the Global Securities industry, having successfully led the growth of several global servicing firms, most recently as President, Institutional Products Group at Fidelity Investments since 2007 and formerly as CEO of both JPMorgan's Worldwide Securities Services and its Trust and Clearing Services from 1997 as well as his senior role at Bankers Trust, New York before 1994.

Michael's appointment comes as Akshaya Bhargarva, current CEO, leaves the company after three years at the helm of the business. Akshaya was the driving force behind the highly successful integration of Butterfield Fund Services and Fulcrum Group.

Jill Considine, Chairman of Butterfield Fulcrum, said: "We are thrilled to have attracted a professional of Michael's calibre to lead our team in the next phase of our growth. Given his long and highly successful career in the industry, on both the buy and sell side and having grown financial services businesses across competitive fields, he is perfectly suited to and brings a wealth of knowledge and experience to Butterfield Fulcrum."

She added: "The move complements Butterfield Fulcrum's continuous effort to attract the best executive expertise available with new and emerging technologies to deliver a truly best-of-breed set of solutions. We would also like to thank Akshaya for his strong dedication to the success of Butterfield Fulcrum to date and wish him well for the future."

Over the last two years Butterfield Fulcrum has undergone a period of change and innovation. Since the merger of Butterfield Bank and Fulcrum Group in 2008 it has built a Global Operating Model which brings together a common technology infrastructure and a proprietary work flow management system to provide perpetual and superior service to its clients. Michael's appointment is another step in the company's global expansion and growth plans.

Incoming Chief Executive Officer Michael K. Clark commented on this new move: "I am delighted to be part of the exciting future ahead of Butterfield Fulcrum. It is a dynamic company with superior technology, and given its independent business model, global presence and focus on client service excellence as a cornerstone of building the business, I believe, has an outstanding position and opportunity for even greater success.

Ken Hanau, Managing Partner at 3i, international investor and private equity backer of Butterfield Fulcrum, added: "This is an exciting time for Butterfield Fulcrum as it moves into the next phase of its development to become the leading independent alternative fund administrator. We have been proud to support the company's growth to date under the stewardship of Akshaya and believe Michael brings the right expertise to lead the firm towards this goal moving forward."

About Butterfield Fulcrum

Butterfield Fulcrum, a top five independent alternative fund administration company by assets under administration, has 20 years experience servicing the alternative investment industry. It provides administration, middle office and risk reporting services to hedge funds, fund of funds, managed accounts, private equity and real estate funds. The company has a unique Global Operations Model leveraging time zones and talent to deliver transparent and highly customized solutions in real time via BFonline, a client access Web portal. Headquartered in Bermuda, the company services more than 700 funds and has 10 offices in eight countries.

For more information, please www.bfgl.com.

About 3i

3i is an international investor focused on buyouts, growth capital and infrastructure, investing in Europe, Asia and North America. Our competitive advantage comes from our international network and the strength and breadth of our business relationships. These underpin the value that we deliver to our portfolio, shareholders and fund investors.

www.3i.com

SOURCE Butterfield Fulcrum