Ultimus Successfully Converts Mutual Fund to ETF with IronHorse Capital

Unique collaboration establishes a blueprint for current and potential clients to expand their distribution

Oct 04, 2022

CINCINNATI, OHIO – October 4, 2022 Ultimus Fund Solutions® (Ultimus®), a leading independent provider of full-service technology-enhanced fund administration, accounting, and investor solutions, is announcing its significant contribution to a recent successful conversion of the Conductor mutual fund to an exchange-traded fund (ETF). The firm, in its pivotal role as accounting agent, administrator, distributor and chief compliance officer, partnered with long time client IronHorse Capital to facilitate this sophisticated conversion, achieved with Ultimus’ in-depth knowledge, broad experience and proven ability to navigate sophisticated and complex processes with a skilled team for the overall project management.

Ultimus’ position at the forefront of this conversion included assisting in the strategic assessment and evaluation process, aiding with regulatory filings, facilitating the movement of assets, preparing the launch of the ETF, and ensuring the proper exchange listing. This conversion reflects recent market trends and seizes the opportunity of lower barriers to entry into ETFs. Converting to an ETF allows IronHorse to expand its distribution network, help enhance tax efficiency, and broaden its portfolios’ appeal to potential investors.

Ultimus’ consultative approach allows clients to navigate complex processes with guidance, support, and industry-leading technology. As part of this conversion process, Ultimus analyzed the composition of the client’s shareholder base to determine whether their assets would transfer to an ETF prior to moving forward with a fund conversion. Ultimus’ award-winning service remains focused on the specific needs of the client, and its unique approach to client engagement continues to set them apart as confirmed by Global Custodian’s 2022 ETF Administration Survey in which Ultimus received the highest ETF administration services scores in the industry from clients.

Kevin Wolf, EVP, Head of Fund Administration and Product at Ultimus notes that whether a client wants to add to a product lineup, launch a fund, or complete a mutual fund to ETF conversion, Ultimus is well equipped to help with the journey. “This conversion with IronHorse is an example of how we can help our clients meet the needs of a next generation of investors by making these funds more available. The advantage of partnering with Ultimus is in our unmatched approach to client service. The research, the analysis and the communication required to successfully convert a mutual fund into a newly launched ETF is an integral part of the process, and fortunately, we have the right team of industry leaders in place to ensure a smooth conversion.”

Gary Tenkman, Ultimus’ CEO, states that Ultimus has and will continue its award-winning service approach by furthering its relationships with clients. “A lot of our innovation comes from simply listening to our client’s goals, and then utilizing engaging methods to help them meet their specific goals. We take a proactive approach by providing experience, knowledge, and guidance, whether the client is interested in expanding a product line or launching new funds. I’m beyond proud of the work our team did in assisting with this conversion.”

Kerr Tigrett with IronHorse Capital states that Ultimus played an integral role in providing the roadmap for this successful conversion. “Simply put, Ultimus has been a great partner for us since we began working with them in 2013. Their constant attention to detail and continuous ability to meet the project milestones substantiated Ultimus as an efficient partner in achieving this shared goal of a successful conversion and launch. IronHorse is excited to add this new fund to our expanding portfolio and we couldn’t have done it without the Ultimus team.”

The Global Custodian ETF administration survey results reflect Ultimus’ focus to disrupt the ETF servicing space by combining a unique blend of client servicing culture with award-winning technology, as this collaboration with IronHorse Capital confirms.

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 1,600 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.

15724473-NLD 09/30/2022

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