Ultimus Fund Solutions Acquires FD Fund Administration

Transaction increases private fund administration footprint

Dec 16, 2021

CINCINNATI, OHIO and PHILADELPHIA, PA – December 16, 2021 — Ultimus Fund Solutions® (Ultimus®), a leading independent provider of full-service fund administration, accounting and investor solutions to traditional and alternative fund managers, announced today that it has acquired FD Fund Administration.

FD Fund Administration, headquartered in Philadelphia with additional offices in New York City and Minneapolis, is an independent provider of accounting and administrative services to investment fund managers. The firm has a wide array of private equity strategy experience with a focus on real estate, credit, and infrastructure funds. In addition, FD Fund Administration has deep experience supporting the fund administration needs of wealth management platforms.

Ultimus will merge the FD Fund Administration team with its private fund business unit, Ultimus LeverPoint Private Fund Solutions (Ultimus LeverPoint). The newly combined private fund business unit will provide fund administration services for approximately $150 billion in AUA (assets under administration) across 250 clients, servicing over 730 funds. Post the merger, Ultimus will service over $400 billion of AUA, more than 450 clients, representing over 1,500 funds with approximately 825 associates.

The transaction enhances Ultimus’ private markets service offering and provides additional scale with a larger geographic presence and enhanced capabilities in real estate, credit, and infrastructure funds. Being culturally aligned in delivering truly client-centric services was a key driver of the deal for both firms. The integration is expected to be seamless given the additional operating scale and the fact that both firms leverage the same industry leading technology platforms across accounting and investor services.

Tom DiEgidio, current FD Fund Administration CEO, will serve as President of Ultimus LeverPoint. “This is a great day for FD Fund Administration. My team and I are excited to join Ultimus, which shares our team’s dedication to client service,” said Tom. “I look forward to working with the team at Ultimus and I’m confident the combined team will continue to provide the differentiated, high-quality service we pride ourselves on, while delivering a deeper set of capabilities.”

“We’re delighted to join forces with FD Fund Administration and look forward to working together, continuing to elevate our shared reputation for high-quality client service and leading technology platforms,” said Gary Tenkman, CEO of Ultimus. “This merger provides us even more scale and enhances our ability to invest further in technology and service capabilities. Ultimately, the merger demonstrates our commitment to scaling our private fund administration business. Ultimus possesses a unique position in the marketplace as a leading independent fund solutions provider for both registered and alternative fund managers.”

Ultimus’ acquisition of FD Fund Administration was backed by Chicago-based private equity firm GTCR. PL Advisors acted as exclusive financial advisor and Nelson Mullins provided legal counsel to FD Fund Administration. Latham & Watkins provided legal counsel to Ultimus and GTCR. Closing occurred December 15, 2021.


About Ultimus

Ultimus Fund Solutions is a leading provider of full-service fund administration, accounting, and investor solutions to support the launching and servicing of registered funds, private funds, and public plans. The company 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 and New York, Ultimus employs more than 825 seasoned accountants, attorneys, paralegals, application developers, fund administrators, compliance specialists, and many others with years of experience in the financial services industry. Servicing over 1,500 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.

About FD Fund Administration

FD Fund Administration provides highly customizable fund administration services to meet the needs of complex real estate and private equity funds. FD Fund Administration offers a robust suite of services, including fund accounting, investment reporting, tax administration, valuation services, investor servicing, company reporting and portfolio analytics and other services. FD Fund Administration is headquartered in Philadelphia, Pennsylvania.

About GTCR

Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Healthcare, Financial Services & Technology, Technology, Media & Telecommunications, and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $20 billion in over 250 companies. For more information, please visit www.gtcr.com.

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