Private equity firm 3i Group-backed Butterfield Fulcrum, an independent alternative fund administrator, has appointed Michael K. Clark as its new Chief Executive Officer. Clark replaces Akshaya Bhargava, current CEO who is leaving the company after three years.
Bhargava, who was also the founding CEO of Infosys BPO (earlier called Progeon), was the driving force behind the merger and integration of Butterfield Fund Services and Fulcrum Group.
Clark, a veteran with over 25 years of experience in the global securities industry, was most recently President, Institutional Products Group at Fidelity Investments since 2007. He has also served 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.
“I see the Global Operating Model as key to the success of the business and am fully committed to the operations in Bangalore, and expect to see these operations expand as the business grows," said Clark in a release.
Butterfield Fulcrum, one of the top five independent alternative fund administration company, provides administration, middle office and risk reporting services to hedge funds, fund of funds, managed accounts, private equity and real estate funds. Headquartered in
Bermuda, the company services more than 700 funds and has 10 offices in eight countries.
Butterfield Fulcrum also recently tied up with MindTree Limited to deliver a new generation of technology solutions for the alternative fund administration industry.