Butterfield denies sale reports
08 February 2011 Bermuda
Image: Shutterstock
The CEO of fund administrator Butterfield Fulcrum has denied reports the firm is about to be sold to the Carlyle Group.
Reports of a sale of the Bermuda-based administrator appeared in a blog on the site of HFM week, which suggested that current owners 3i were close to completion of the sale.
But chief executive officer Michael Clark said the reports were untrue. Speaking to a local newspaper, Clark said: “There’s no truth in that whatsoever. I told the magazine not to print that, but they elected to do so.”
BFG manages about $60 billion of hedge fund assets and is a major administrator in the alternative investment industry. BFG has offices in nine countries and services more than 800 funds.
Reports of a sale of the Bermuda-based administrator appeared in a blog on the site of HFM week, which suggested that current owners 3i were close to completion of the sale.
But chief executive officer Michael Clark said the reports were untrue. Speaking to a local newspaper, Clark said: “There’s no truth in that whatsoever. I told the magazine not to print that, but they elected to do so.”
BFG manages about $60 billion of hedge fund assets and is a major administrator in the alternative investment industry. BFG has offices in nine countries and services more than 800 funds.
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