Bermuda-based Butterfield Fulcrum Group has been named Best Single Manager Administrator at the inaugural HFMWeek European Service Provider Awards.

The alternative investments specialist beat out five other firms in the category on the basis of "financial progress, growth and genuine innovation".

The award recognises the successful management of Butterfield Fulcrum's merger and praised the unified company for not losing sight of the importance of client service, while continuing to invest and expand, opening new offices and investing in new products and services.BFG announced it was to cut around 30 jobs at its Bermuda office last year. The company was formed when the Fulcrum Group took over Butterfield Bank's fund management business last summer.

"We are honoured to have received this award in support of our companywide belief that transparency is the product of flawless execution," said Akshaya Bhargava, Butterfield Fulcrum's CEO. "This is particularly important in a climate where compliance and regulatory pressures are raising the profile of operational risk management and our clients are under pressure to demonstrate to their investors that their systems, controls and governance are effective."

The awards were presented during ceremonies held at London's Hurlingham Club on May 21.