Fund administrator Butterfield Fulcrum announced Thursday that it has agreed to be acquired by Mitsubishi UFJ Trust and Banking Corporation.
Under the agreement, Butterfield will become the global alternative asset administration platform of MUTB, a Japanese bank holding and financial services company. All employees of Butterfield will remain in the new entity.
Financial terms of the acquisition were not disclosed.
Butterfield CEO Glenn Henderson said that the “acquisition will reinforce [Butterfield’s] ability to deliver highest quality fund services to clients, while significantly increasing [the firm’s] breadth of products and services, geographic reach and financial strength."
BV Investment Partners, the private equity firm that owns Butterfield, also announced Thursday that it will sell its fund administration arm, citing that the “transaction demonstrates [the firm’s] strategy of backing strong management teams and leveraging [its] core expertise to grow and transform businesses.”
Butterfield Fulcrum services more than $100 billion of assets across 850 funds. One of the world’s largest bank holding companies, MUTB has about $2.6 trillion in assets.