He will be replaced by Michael Clark, formerly president of the Institutional Products Group at Fidelity Investments.

“I am delighted to be part of the exciting future ahead of Butterfield Fulcrum," said Clark. “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.” 

Appointed in 2008, Bhargava helped to spearhead the acquisition of Butterfield Fund Services by the Fulcrum Group. Following the merger, he invested heavily in building the new firm’s technology-heavy infrastructure as well as developing Altinus, the first managed account platform to be offered by a hedge fund administrator.

A spokesperson for Butterfield Fulcrum said that Bhargava had taken the decision to step down after “completing the technical details of the merger”.

Chris Mulhern, currently the firm’s chief operating officer, will serve as acting CEO until a permanent replacement is appointed, a move expected to take place in the next few weeks. Bhargava will remain involved with the company for several weeks to ensure a smooth transition.

Prior to joining 3i, Bhargava was the founding CEO of Infosys BPO (formerly Progeon), one of India’s largest BPO companies. He also spent over 20 years at Citibank in various roles.

The move follows a number of personnel changes made in the firm earlier this year, including the departure of Joost Lobler, formerly head of Butterfield Fulcrum in Europe.

Bruce Keith and Andrew Allright have both joined Altinus as managing director and platform director respectively, while Darryl Demers has been hired as vice president of operations for managed accounts.

Mark Boyes has also been appointed to the platform’s administration business in Europe, while Brian Young and Giles Adu have joined its business development team in the US and Europe.