Fund administrator Butterfield Fulcrum has axed 10 staff from its Bermuda office following a review of the distribution of work at its operational centres, The Royal Gazette can reveal.

All of the positions were in the company's operations team.

But a spokesman for the group said the company would maintain its presence on the Island focusing on local client management. This follows some 30 lay-offs from its Bermuda office in January 2009 due to the impact of the global economic crisis, in addition to around 25 other redundancies from its Cayman Islands operation.

A spokesman for Butterfield Fulcrum Group said: "In keeping with our global model, which is consistent with our industry, Butterfield Fulcrum has reviewed the way we distribute work to our operational centres. This has resulted in 10 redundancies in our Bermuda operation. We will continue to maintain a clear local presence in Bermuda with a strong focus on local client management while leveraging the global centres of excellence we have established. We are grateful for the continued commitment and professionalism of our staff in Bermuda during this time."

Butterfield Fulcrum is a top five independent administrator with 20 years experience servicing the alternative investment industry. Headquartered in Bermuda, it has offices in nine countries, including Bermuda, the Bahamas, Canada, Cayman, Guernsey, India, Ireland, the UK and the US, and services more than 800 funds, specialising in hedge funds, fund of funds, managed accounts, and private equity and real estate funds

The company, which appointed Michael Clark as its new CEO in July, was set to create 40 new jobs over three years at its Dublin office, with a number of key positions already filled, according to a report by the Press Association in September 2009.

A number of Bermuda companies have been hit hard by the recession over the past year, including HomeZone, which shut in April, with 14 employees impacted by the closure, and Bermuda Telephone Company announcing it was looking to trim its staff base by about 25 employees - or more than 12 percent - in a bid to reduce costs and restructure its business earlier this year.