BV Completes Buy of Butterfield Fulcrum, FORS

BV Investment Partners, the former Boston Ventures, has completed the acquisition of fund Butterfield Fulcrum and FORS Ltd. Glenn Henderson will serve as CEO while Tim Calveley will be COO. Both Henderson and Calveley will retain significant ownership stakes, a statement said. Bermuda-based Butterfield is a fund administrator while FORS Ltd. provides accounting and reporting services.


Fund industry executives Glenn Henderson and Tim Calveley announced today that they have completed the acquisition of fund administrator, Butterfield Fulcrum, in partnership with BV Investment Partners, a leading middle market private equity firm, following regulatory and government approvals. The acquisition includes FORS Limited, an independent provider of family office and wealth management reporting and administrative services.

With the combination of Butterfield Fulcrum and FORS, the company will offer comprehensive outsourcing solutions across the alternative investment management, family office and trust industries. The two companies will continue to be run as separate businesses by their respective management.

Glenn Henderson will take on the role of CEO of Butterfield Fulcrum while Tim Calveley will become COO of the parent company and continue as CEO of FORS. Sean Foley has been appointed CFO of Butterfield Fulcrum, effective immediately, while Chris Mulhern will continue in his role as COO & President.

“We are delighted to announce the closing of this acquisition,” said Glenn Henderson, CEO Butterfield Fulcrum. “This brings together two highly complementary businesses that are focused on client delivery, quality products and services, and a high level of industry expertise and experience that resides in a talented team of senior level executives and staff.”

“The return of Glenn Henderson and Tim Calveley to lead Butterfield Fulcrum is welcomed by current management and clients,” said Chris Mulhern, COO & President of Butterfield Fulcrum. “Butterfield Fulcrum is now positioned to provide a full service offering with front, middle and back office capabilities backed by a powerful technology platform to its clients.”

“It is our vision for both Butterfield Fulcrum and FORS that they will continue to provide the same level of expertise and continuity while increasing client service levels,” said Tim Calveley, COO of the parent company and CEO of FORS. “Our commitment is to the highest level of fund service solutions across the alternative investment management, family office and trust industries.”

Messrs. Henderson and Calveley will have significant ownership stakes in the new company, along with BV Investment Partners. Financial terms of the transaction were not disclosed.

About Butterfield Fulcrum

Butterfield Fulcrum is a leading independent alternative fund administration company by assets under administration with more than two decades of experience servicing clients in the alternative investment industry. Butterfield Fulcrum 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. For more information, please visit

About FORS

FORS Limited is an independent global organization providing accounting and reporting solutions to Family Offices, Multi-Family Offices, Trust Companies and Private Clients. FORS has offices in Bermuda, New York, Singapore and Toronto. The FORS team is committed to providing an exceptional level of personalized service focusing on meeting the unique demands of our clients, utilizing a leading family office web based technology platform to provide reporting solutions on client assets in excess of $25 billion. Its range of services include: a comprehensive accounting solution for family offices and trustees, preparation of financial statements, customized reporting solutions, investment monitoring, performance reporting, and family office administrative services. For more information, please visit

About BV Investment Partners
BV Investment Partners is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested over $2.6 billion in over 70 companies, actively targeting investments in the information and business services, communications and media industries. For more information, please visit