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Friday, July 09, 2010

An Ex-Fidelity Exec Sees an Alternative

Reported by Hung Tran

Michael Clark, former president of the institutional products group at Fidelity Investments, has resurfaced as the new chief executive officer of Butterfield Fulcrum, an independent alternative fund administrator.

Clark, who last month took on the role of chairman of Sanswire Corp. , was also formerly as the CEO of both JPMorgan’s Worldwide Securities Services and its Trust and Clearing Services from 1997 until October 2007.

Clark's appointment at Butterfield comes as Akshaya Bhargarva, Butterfield's current CEO, is resigning from the company after three years at the helm.

In a statement, Clark said he was lured to Butterfield because of its superior technology, independent business model, global presence and focus on client service.

Butterfield Fulcrum provides administration, middle office and risk reporting services to hedge funds, fund of funds, managed accounts, private equity and real estate funds. 

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