Butterfield Fulcrum Appoints New CEO
Bermuda-based Butterfield Fulcrum, an independent alternative fund administrator, has appointed Michael K. Clark its new Chief Executive Officer.
Mr Clark is a veteran with over 25 years of experience in the Global Securities industry, having successfully led the growth of several global servicing firms, most recently as President, Institutional Products Group at Fidelity Investments since 2007 and formerly as CEO of both JPMorgan’s Worldwide Securities Services and its Trust and Clearing Services from 1997 as well as his senior role at Bankers Trust, New York before 1994.
Mr Clark’s appointment comes as Akshaya Bhargarva, current CEO, leaves the company after three years at the helm of the business. Akshaya was the driving force behind the integration of Butterfield Fund Services and Fulcrum Group.
Jill Considine, Chairman of Butterfield Fulcrum, said: “We are thrilled to have attracted a professional of Michael’s calibre to lead our team in the next phase of our growth. Given his long and highly successful career in the industry, on both the buy and sell side and having grown financial services businesses across competitive fields, he is perfectly suited to and brings a wealth of knowledge and experience to Butterfield Fulcrum.”
She added: “The move complements Butterfield Fulcrum’s continuous effort to attract the best executive expertise available with new and emerging technologies to deliver a truly best-of-breed set of solutions. We would also like to thank Akshaya for his strong dedication to the success of Butterfield Fulcrum to date and wish him well for the future.”
Over the last two years Butterfield Fulcrum has undergone a period of change and innovation. Since the merger of Butterfield Bank and Fulcrum Group in 2008 it has built a Global Operating Model which brings together a common technology infrastructure and a proprietary work flow management system to provide perpetual and superior service to its clients. Mr Clark’s appointment is another step in the company’s global expansion and growth plans.
Incoming Chief Executive Officer Michael K. Clark commented on this new move: “I am delighted to be part of the exciting future ahead of Butterfield Fulcrum. It is a dynamic company with superior technology, and given its independent business model, global presence and focus on client service excellence as a cornerstone of building the business, I believe, has an outstanding position and opportunity for even greater success.
Ken Hanau, Managing Partner at 3i, international investor and private equity backer of Butterfield Fulcrum, added: “This is an exciting time for Butterfield Fulcrum as it moves into the next phase of its development to become the leading independent alternative fund administrator. We have been proud to support the company’s growth to date under the stewardship of Akshaya and believe Michael brings the right expertise to lead the firm towards this goal moving forward.”
