Butterfield Fulcrum Group CEO Glenn Henderson said, "This 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."
Following completion of the transaction, the acquired entity will trade as the global alternative asset administration platform of MUTB, and no change will be made in the senior management team staff in all Butterfield Fulcrum offices.
The company said that its acquisition by MUFG will provide it with additional client services in the near future, such as banking, custody, trust, foreign exchange and securities lending.
Evercore Partners acted as financial advisor while Ropes & Gray offered legal counsel.
Operating in six countries and services over $100bn of client assets across 850 funds, Butterfield Fulcrum delivers fund administration services offering including front, middle and back office solutions to hedge funds, fund of funds, private equity and real estate funds.
Founded in 1927, MUTB operates as a wholly owned subsidiary of Mitsubishi UFJ Financial Group.
