Senior Japanese bankers were in Bermuda yesterday as Butterfield Fulcrum Group (BFG) was officially rebranded Mitsubishi UFJ Fund Services.It is the first time the Mitsubishi financial group has made a wholly owned acquisitions of a non-Japanese business.“Our acquisition of BFG is a strategic move into the alternative fund administration business,” said Tasuo Wakabayashi, president of Mitsubishi UFJ Trust & Banking Corporation.He cut the ribbon at yesterday’s ceremony and presented the Bermuda office with a painting of Mount Fuji.Mr Wakabayashi added: “We will be expanding our reach and breadth of services rapidly. Clients can look forward to the addition of numerous new services including banking, custody, trust, foreign exchange and securities lending.”Mitsubishi UFJ Trust and Banking Corporation’s (MUTB) said the acquisition of BFG was completed on September 20.Established in 1927, MUTB is a wholly owned subsidiary of Mitsubishi UFJ Financial Group (MUFG), the second largest global bank holding company ranked by assets.Butterfield Fulcrum will become the global alternative asset administration platform of MUTB.And the senior management team, as well as all management and staff in all Butterfield Fulcrum offices will remain with the company, MUTB said.Butterfield Fulcrum employs around 40 staff in Bermuda and has offices on Burnaby Street.It has been rebranded as Mitsubishi UFJ Fund Services to reflect its new position in Japan’s MUFG.“We will grow from strength to strength within the MUTB family,” said Glenn Henderson, now the CEO of Mitsubishi UFJ Fund Services. “The additional services we will be offering will allow us to continue our focus on excellent client service, expanded functionality and cutting-edge technology.”Mr Henderson and Tim Calveley, deputy CEO, 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.The company services more than $100 billion of client assets across 850 funds and has seven offices in six countries.