Butterfield Fulcrum, an alternative fund administrator, has appointed Michael K. Clark as chief executive officer.

Clark has over 25 years of experience in the global securities industry, having led the growth of several global servicing firms.

Most recently he was president, institutional products group at Fidelity Investments since 2007.

Before that he was chief executive of both JPMorgan’s Worldwide Securities Services and its Trust and Clearing Services from 1997.

Clark’s appointment comes as Akshaya Bhargarva (pictured), current chief executive, leaves the company after three years at the helm of the business.

Jill Considine, chairman of Butterfield Fulcrum, says: “We are thrilled to have attracted a professional of Michael’s calibre to lead our team in the next phase of our growth. Given his long and highly successful career in the industry, on both the buy and sell side and having grown financial services businesses across competitive fields, he is perfectly suited to and brings a wealth of knowledge and experience to Butterfield Fulcrum.” 

Clark adds: “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.

Ken Hanau, managing partner at 3i, private equity backer of Butterfield Fulcrum, says: “This is an exciting time for Butterfield Fulcrum as it moves into the next phase of its development to become the leading independent alternative fund administrator. We have been proud to support the company’s growth to date under the stewardship of Akshaya and believe Michael brings the right expertise to lead the firm towards this goal moving forward.”