New York (HedgeCo.net) – Private equity firm BV Investment Partners (formerly Boston Ventures), has agreed to acquire hedge fund administrator Butterfield Fulcrum and family office specialist FORS Limited in partnership with industry veterans Glenn Henderson and Tim Calveley.

“This investment reunites Tim and me with the senior management of Butterfield Fulcrum,” said Glenn Henderson, who will take on the role of CEO of the parent company and Butterfield Fulcrum. “Tim and I know the current management team well. We share the same guiding principles and our complete focus will be to continue to deliver quality service to our clients.”

The combined entity will provide outsourcing solutions across the alternative investment management, hedge funds, family office and trust industries.

Butterfield Fulcrum and FORS will be brought together into one parent company, headquartered in Bermuda. They will operate as separate businesses and continue to be run by their current management teams.

“The acquisition of Butterfield Fulcrum and merger with FORS will build a leading provider of business services in the alternative asset sector.” Justin H. Harrison, a Partner at BV Investment Partners, said, “We are excited to partner with Glenn and Tim, in the management buyout of Butterfield Fulcrum, and believe that their leadership in partnership with the existing managers will enhance Butterfield Fulcrum’s position as a premier provider of fund administration services.”

The transaction is subject to regulatory and government approvals and is expected to close in the first quarter of 2011. Financial terms of the transaction were not disclosed.

Editing by Alex Akesson
For HedgeCo.net
alex@hedgeco.net
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