Butterfield Fulcrum, the Bermuda-based fund services business, has confirmed that it has agreed to be acquired by Japan’s Mitsubishi UFJ Trust and Banking Corporation, subject to regulatory approval.

Following the acquisition, Butterfield Fulcrum will become the global alternative asset administration platform of MUTB. The senior management team, as well as all management and staff in all Butterfield Fulcrum offices, will remain with the company, the firm said.

Earlier in the year, it was reported that Morgan Stanley was in talks to sell its $4 billion trust business to Mitsubishi UFJ Financial Group.

Established in 1927, MUTB is a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, the fifth largest global bank holding company ranked by assets.

Butterfield Fulcrum has some $100 billion in client assets across 850 funds, and has seven offices in six countries, employing around 325 people.