Ten made redundant at Butterfield Fulcrum's Bermuda office

Butterfield Fulcrum has made 10 people redundant in Bermuda.

The fund administration firm would not comment on when the redundancies would take effect.

But a spokesperson 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. 

Professionalism

“We are grateful for the continued commitment and professionalism of our staff in Bermuda.”

Michael Clark, who was made CEO of Butterfield Fulcrum last month, told Fox Business two weeks ago that the company is keen to grow via acquisitions.

He said: “Our scale has made us a consolidator of choice and we are a buyer.

“I have been approached by four counterparts in 30 days.”

Butterfield Fulcrum’s  headquarters are in Bermuda. The company formed following a merger between Butterfield Fund Services and Fulcrum Group in 2008.

It manages about $80 billion in assets in more than 800 funds.

The firm also has offices in the Bahamas, Cayman, Canada, Guernsey, India, Ireland, the U.K. and the U.S.