Butterfield Fulcrum Designates Halifax, Nova Scotia as Global Centre of Excellence

Jul 24, 2013

Top International Fund Administrator Expands in Canada’s Fastest Growing Hedge Fund Administration Centre.

ButterfieldFulcrum_215x215Butterfield Fulcrum, top international independent hedge fund administrator and service provider, today announced it will continue to view Halifax as a domicile of choice to expand their workforce, creating up to 150 new jobs.

Butterfield Fulcrum has seven offices in six countries and services over 850 funds. It is one of the top five independent administrators. In June, Butterfield Fulcrum announced it was being acquired by Mitsubishi UFJ Trust and Banking Corporation (MUTB). Established in 1927, MUTB is a wholly owned subsidiary of Mitsubishi UFJ Financial Group (MUFG).

“Backed by the strength of MUFG, we expect to add numerous additional client services in the near future, including banking, custody, trust, foreign exchange and securities lending. We will be leveraging MUFG’s global brand and presence along with Butterfield Fulcrum’s industry leading technology and talent to expand into new geographies and client opportunities. Importantly, for existing clients, it is business as usual. Our valued clients will have the same client team, same technology and the same high quality of service they expect and deserve. That is our highest priority,” said Tim Calveley, Deputy CEO of Butterfield Fulcrum.

Last July, Butterfield Fulcrum introduced a new technology platform that provides its clients with real-time fund administration access. The technology allows daily and end-of-month processing which has increased Butterfield Fulcrum’s demand for more technology based skill sets.  

“The decision was made by senior management of the company to designate our Halifax office as a Global Centre of Excellence to service our international client base,” said Ben Rivard, Managing Director, Butterfield Fulcrum. “Halifax has worked out really well in providing us with a solid financial services workforce that is helping us better serve our international clients - the province’s universities and colleges have ensured we have access to the best and the brightest. Many of our largest clients, who are some of the most successful hedge funds in the world, are serviced from our Halifax office.”

According to KPMG, Halifax is the fastest growing hedge fund administration centre in Canada.  In KPMG’s Competitive Alternatives 2012 Report, Halifax ranks number one out of all Canadian and U.S. cities surveyed for lowest business operating costs in the International Financial Services sector. 

“In 2006, we identified the financial services sector as a key growth opportunity for Nova Scotia. Fast-forward seven years later and we are now recognized as a global financial services centre,” said Stephen Lund, President and of Nova Scotia Business Inc. “Again, we are seeing an internationally recognized brand choose Nova Scotia to expand their global footprint.”

NSBI is also providing a substantial incentive to strengthen the competitive business case.

“Nova Scotia offers several key advantages including competitive operating costs, educated and loyal labour pool, strategic nearshore location to the US and Europe and an established financial services cluster,” said Jean-Paul Robicheau, Director of Financial Services of Nova Scotia Business Inc. “This formula continues to be an effective part of NSBI’s overall strategy to develop the financial services sector in the province.”

In addition to hedge fund administration firms, the sector includes companies providing services such as legal, accounting, due diligence, risk management and consulting.

Butterfield Fulcrum (www.bfgl.com) is a leading independent services provider with 25 years of experience servicing clients in the alternative asset investment industry.  Butterfield Fulcrum provides a full service fund administration offering including front, middle and back office solutions to hedge funds, fund of funds, managed accounts, family offices, private equity and real estate funds. The company services more than $100Bn of client assets across 850 funds and has seven offices in six countries and employs over 325 people.

Mitsubishi UFJ Financial Group, Inc. (www.mufg.jp/english/) is a Japanese bank holding and financial services company headquartered in Tokyo, Japan. It holds assets of approximately US$2.6 trillion and is one of the main companies of the Mitsubishi Group. It is Japan’s largest financial group and the world’s 5th largest bank holding company.

Nova Scotia Business Inc. (www.nsbi.ca) is the province's private-sector-led business development agency. Through trade development, investment attraction, business financing and venture capital, NSBI assists local companies and attracts international companies to Nova Scotia. Follow online at www.nsbi.ca/connect.  For more information on Nova Scotia’s financial services sector visit http://www.novascotiabusiness.com/en/home/newsevents/FS-Sector-background.aspx