Ultimus Partners with PennHaven Brokerage Partners to Provide Outsourced Trading Services with its Middle Office Solutions

In this strategic move, Ultimus pairs middle office trade services to front office solutions in partnership with enhanced brokerage firm.

Apr 02, 2024

CINCINNATI, OHIO – April 2, 2024, Ultimus Fund Solutions® (Ultimus®), a leading independent provider of full-service, technology-enhanced middle office, fund administration, accounting, and investor solutions, is pleased to announce its exciting new partnership with PennHaven Brokerage Partners (PennHaven). The partnership with the institutional trading solutions firm allows Ultimus to offer asset managers outsourced trade execution and trading desk services through PennHaven with Ultimus’ full range of tech-enabled middle office services, including post-trade settlement, investment book of record (IBOR), performance and attribution reporting, and institutional investor services.

Gary Tenkman, Ultimus CEO, states, “Our middle office business has continued to grow rapidly, and this is a natural extension of our service offering. I am excited that we’ve teamed up with the dedicated specialists at PennHaven to provide our clients with full trade execution services and institutional trading platform to offer an end-to-end solution for our clients. This is just another demonstration of how we are constantly evolving our solutions to meet the needs of the market. I look forward to this partnership and the opportunities it will afford us and our clients.”

This strategic approach was developed in alignment with an emerging trend for outsourcing trade execution and settlement services, allowing clients to subscribe to full front-to-back offerings via a flexible model and at a rapid speed. This partnership will allow asset management clients to leverage PennHaven’s full execution and managed desk services while leveraging Ultimus’ trade settlement capabilities. Trade settlement services are just one component of Ultimus’ middle office offering, as the firm continues to provide IBOR, client reporting, and performance, along with its other back office services provided to its client base. Both Ultimus and PennHaven are focused on providing clients with high quality, adaptable, and streamlined services which made it a straightforward undertaking to solidify a partnership given the cultural alignment.

PennHaven CEO Donald O’Hara emphasizes the value that this partnership will bring to its existing and future clients through a full suite of services. “Ultimus has shown itself to be a solid and reliable collaborator throughout this process. This partnership will complement and expand our current service offering by integrating Ultimus’ tech-driven downstream support. We are aligned with identical core values, and we look forward to a long-term relationship that allows us to continue to provide quality service while creating a synergistic offering to our shared clients.”

Paul Wahmann, SVP Head of Middle Office Services at Ultimus, is proud of the firm’s latest offering that will help clients mitigate the industry’s rising operational costs while allowing them to focus on their core investment strategy. “We are excited to have an avenue to provide outsourced trade execution through our new partnership with PennHaven, enhancing our offering to cover front, middle, and back office investment operations. This will provide our clients with a scalable enterprise-wide solution, significantly reducing their fixed infrastructure costs while allowing them to benefit from a scalable and economically efficient model to support future growth. Our combined services focus on flexibility and showcase our dedication to providing value-added solutions to our clients.”

The collaborative deal comes at a time when Ultimus recently signed several new clients enlisting its middle office services along with registered and private fund administration and providing other clients in the middle office space with data analytics through its proprietary technology application – uANALYZE™. Ultimus garnered recognition for its data management solution during the With Intelligence Fund Operations and Service Awards by winning Best Data Management Solution – Back and Middle Office in 2022, 2023, and 2024.


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 servicing of registered funds, alternative investment funds, such as interval and tender offer 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 Denver, New York, and Philadelphia, Ultimus employs more than 1000 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.

About PennHaven

PennHaven Brokerage Partners (PennHaven) is an adaptive, institutional trading solution for asset managers, hedge funds, family offices and RIA’s. PennHaven offers a dedicated team of specialists delivering transparent trade execution services and managed service platform. We combine cutting-edge technology and regulated oversight to offer unparalleled client service and support through the entire trade process. Designed to meet each client’s complexity, scalability, and reporting demands while achieving best execution for our partners.

Located outside of Philadelphia, PennHaven is a team of experienced operational and buy side professionals dedicated (unified) in their pursuit of reducing operational tasks while maintaining client sell side relationships. Differentiated from traditional Outsourced Trading Desks, PennHaven’s expanded service offering and integrated Order Management platform technology reduce the risk and operational burdens of maintaining an inhouse trade operation across both institutional and retail trading workflows.

18005727 3/26/2024

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

DISCLOSURE: Information contained on this website is based on public data, historical agreements and dialogue with intermediaries. Such information represents our current understanding of the described platforms and the costs associated with them. In many cases, such costs may be negotiable. All pricing and fee information is subject to change without notice.

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