Butterfield Fulcrum Group from Bermuda has agreed to be acquired by Mitsubishi UFJ Trust and Banking Corporation (MUTB). MUTB was established in 1927 and is a wholly owned subsidiary of MUFG: Mitsubishi UFJ Financial Group, the 5thlargest global bank holding company according to assets.
Butterfield is an independent services provider with 25 years’ experience in the alternative asset investment industry. They provide full service fund administration, and have more than $100bn of client assets across 850 funds.
MUFG is a Japanese bank holding and financial services company with their headquarters in Tokyo. It is one of the main companies of the Mitsubishi Group and has assets of approximately US$2.6 trillion. It is the world’s 5th largest bank holding company and Japan’s largest financial group.
CEO of Butterfield Glenn Henderson said the acquisition will enable Butterfield to deliver a better quality of fund services to its clients, as well as increasing its product as well as geographical reach.
The financial terms of the agreement have not yet been announced and it will be subject to regulatory approvals.
SOURCE: Fortmill Times 20/06/13