Bermuda-based fund administrator Butterfield Fulcrum has appointed Michael Clark as its new chief executive officer.

Mr. Clark replaces Akshaya Bhargarva, who is leaving the company after three years as CEO.

The new CEO boasts more than 25 years' experience in the global securities industry, having led the growth of several global servicing firms, most recently as president of Institutional Products Group at Fidelity Investments since 2007 and formerly 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.

A statement from the firm yesterday said that Mr. Bhargarva had been the driving force behind the integration of Butterfield Fund Services, formerly the fund administration arm of Butterfield Bank, and Fulcrum Group.

Jill Considine, chairman of Butterfield Fulcrum, said: "The move complements Butterfield Fulcrum's continuous effort to attract the best executive expertise available with new and emerging technologies to deliver a truly best-of-breed set of solutions.

"We would also like to thank Akshaya for his strong dedication to the success of Butterfield Fulcrum to date and wish him well for the future."

Incoming CEO Mr. Clark said: "I am delighted to be part of the exciting future ahead of Butterfield Fulcrum. It is a dynamic company with superior technology, and given its independent business model, global presence and focus on client service excellence as a cornerstone of building the business, I believe, has an outstanding position and opportunity for even greater success."

Butterfield Fulcrum is a top five independent alternative fund administration company by assets under administration. It 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.