Ultimus Experiences Record Fund Conversion Activity

Firm credits experienced team and best in class technology to help ease “conversion aversion” for clients, guiding them through a seamless process

Mar 07, 2023

CINCINNATI, OHIO – March 7, 2023 – Ultimus Fund Solutions® (Ultimus®), a leading independent provider of full-service technology-enhanced fund administration, accounting, middle office, and investor solutions, entered 2023 with an accomplished list of successful fund conversions from a diverse set of clients. From its beginnings as a boutique firm, developing enhanced technology and focused on client-centric service, Ultimus has expanded in its institutional capabilities by taking on larger clients with increasing complexity while still maintaining its boutique level of service.

Since Q2 of 2020, 35 investment managers have converted or are in the process of converting their back and middle office services to Ultimus from other service providers or in-house operations. This continuous stream of new business is due in large part to the firm’s award-winning service, which combines an innovative technology approach with personalized service based on the unique needs of each individual client.

Most investment firms are apprehensive about engaging in fund conversions—seemingly conversion aversion—based on the enormity and perceived inconvenience of the process. However, those firms that converted to Ultimus experienced a well-orchestrated non-event after choosing Ultimus as their service provider. With each conversion project, the company continues to deliver customized solutions, providing clients who possess portfolios of varied complexities with an efficiently organized and methodical process predicated on Ultimus’ deep experience, vast conversion knowledge, and project management skills.

Gary Tenkman, CEO at Ultimus, comments on the trust clients place in Ultimus, “We have heard over and over again from our clients that they wish they had spoken with Ultimus sooner and had partnered with us earlier as they didn’t realize there really was a better alternative. At the end of the day, people still trust people and Ultimus continuously seeks ways to enhance the value we deliver to our clients. Our dedication to developing beneficial technology solutions and our priority of investing in experienced people continues to differentiate Ultimus as a top-quality service provider.”

One of the biggest draws of selecting Ultimus as a service provider is its overarching data strategy and capability to present data from multiple platforms as organized and accessible information. Over the years, Ultimus has prioritized investments in its technology to allow clients ready access to data to make insightful investment decisions.

Mark Santero, President, and CEO at Homestead Funds stated: “We were drawn to Ultimus for our interest in transfer agent services but were soon pleasantly surprised at their advantageous technology offerings. We discovered their tech offerings would provide us the capability to grow our business through various channels while also enhancing our unique shareholders’ experience.”

Despite its growing number of clients and the influx of fund conversions, Ultimus delivers the personalized service it is renowned for. The firm was praised with multiple awards in 2022, including “Exchange Traded Funds Administrator of the Year,” “Mutual Fund Administrator of the Year” and “Exchange Traded Funds Administration in Client Services” at the Global Custodian Industry Leaders Awards among other awards.

Jasper Frontz, Chief Compliance Officer for SBH Funds, emphasizes how impressed he was with Ultimus’ communication throughout the fund family’s conversion in 2020. “I was impressed with the efficiency of the Ultimus team and pleased with how relatively seamless the fund servicing conversion was executed from our perspective and from our shareholders’ perspective. It was an excellent decision.”

Gary Harris, EVP, Head of Sales at Ultimus, emphasizes his pride in Ultimus’ team of veteran executives, who are a key component in the firm’s conversion success. “Ultimus is extremely proud and humbled by the number of clients who have chosen to partner with us to service their business. The service provider landscape has changed dramatically over the past 4 to 5 years and Ultimus is at the front of that change. Our clients tell us this is the result of the compelling value that we bring to their funds, organization, and shareholders through our comprehensive service model delivered through modern, best-in-class technology and a team of professionals who have acquired a vast amount of experience in this business and understand each client’s unique service requirements.”

About Ultimus

Ultimus Fund Solutions (Ultimus) is a leading provider of full-service tech-enhanced fund administration, accounting, middle office, and investor solutions to support the launching and servicing of registered funds, private funds, and public plans. The company also offers customized structures designed for the unique needs of pensions, endowments, foundations, and other large institutions. Ultimus’ deep commitment to excellence is achieved through investments in best-in-class technology, compliance programs, organization-wide cyber security efforts, and hiring seasoned professionals.

Headquartered in Cincinnati, Ohio with offices in other major cities such as Chicago, Denver, New York, and Boston, Ultimus employs more than 925 seasoned accountants, attorneys, paralegals, application developers, fund administrators, compliance specialists, and many others with years of experience in the financial services industry. Servicing over 1,800 total traditional and alternative funds, Ultimus helps investment managers and fund families flourish in today’s increasingly sophisticated and dynamic investment landscape. For more information, visit www.ultimusfundsolutions.com.

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The Ultimus Group, LLC is an Equal Opportunity Employer. All rights reserved.

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