Bermuda’s Butterfield Fulcrum Group is being acquired by a subsidiary of Japan’s Mitsubishi UFJ Financial Group to become their global fund administration platform and to grow the business significantly.Butterfield Fulcrum will continue to operate in Bermuda from its offices on Burnaby Street, and no job losses among its approximately 40 staff are planned, company officials said. In fact the company said it expects to grow its Bermuda workforce as a result of the transaction.The leading alternative fund administrator said in a news release issued today it has agreed to be acquired by Mitsubishi UFJ Trust and Banking Corporation (MUTB).Established in 1927, MUTB is a wholly owned subsidiary of Mitsubishi UFJ Financial Group (MUFG), the 5th largest global bank by assets, MUFG holds assets of approximately US $2.5 trillion, has over 95,000 employees and operates in over 500 offices in 40 countries.A significant proportion of the $2.5 trillion of assets are held in asset classes and vehicles that Bermuda has a presence and expertise in, and senior MUFG executives expressed interest on a recent visit to Bermuda to learn more about opportunities for them and Japanese investors here on the Island, Tim Calveley, deputy CEO of Butterfield Fulcrum, told The Royal Gazette.Glenn Henderson, CEO of Butterfield Fulcrum Group said of the deal: “We are delighted and honoured to become part of the MUFG family of financial companies.“This acquisition will reinforce our ability to deliver the highest quality fund services to our clients, while significantly increasing our breadth of products and services, our geographic reach and our financial strength.Butterfield Fulcrum said it will become the global alternative asset administration platform of MUTB and all the senior management team, as well as all management and staff in all Butterfield Fulcrum offices will remain with the company.Mr Calveley said: “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.”Financial terms of the acquisition were not disclosed. The transaction is subject to normal regulatory approvals.Evercore Partners served as exclusive financial advisor on the transaction and Ropes & Gray provided legal counsel.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 $100 billion of client assets across 850 funds and has seven offices in six countries and employs over 325 people.Mr Calveley and Glenn Henderson acquired Butterfield Fulcrum in 2011 in partnership with private equity firm BV Investment Partners. The acquisition included FORS Ltd.Butterfield Fulcrum was part owned by Butterfield Bank and private equity firm 3i Group.