Bermuda-based fund administrator Butterfield Fulcrum Group has been acquired by funds industry veterans Glenn Henderson and Tim Calveley, partnered by private-equity firm BV Investment Partners.BFG, which is part owned by Butterfield Bank and private equity group 3i, will now merge with FORS Ltd, an independent wealth management firm. Mr Henderson and Mr Calveley acquried FORS in 2009.The two firms will operate as separate businesses under their current management teams under a parent company to be headquartered in Bermuda.Terms of the deal were not disclosed.The acquisition comes after reports surfaced earlier this week in overseas media that private-equity giant Carlyle Group was close to agreeing a takeover of BFG, reports that were denied by CEO Michael Clark in an interview with The Royal Gazette.BFG, which administrates about $60 billion in hedge fund assets, has nine offices around the world and is headquartered in Butterfield's Rosebank Centre in Hamilton.It was formed by a merger of Butterfield Asset Management and the Fulcrum Group in 2009, after which Butterfield Bank owned 40 percent of the business, 3i owned a 53 percent stake and a group of management and employees owned the rest. Butterfield Bank booked a $115 million gain from that deal."This investment reunites Tim and me with the senior management of Butterfield Fulcrum," said Mr Henderson, who will take on the role of chief executive officer of the parent company and BFG."Tim and I know the current management team well. We share the same guiding principles and our complete focus will be to continue to deliver quality service to our clients."US-based BV Investment Partners, formerly Boston Ventures Management LLC, has invested seven funds totalling over $2.6 billion in capital commitments since its inception in 1983.Useful websites: www.bfgl.com, www.bm.butterfieldgroup.com