CINCINNATI, OHIO – October 28, 2020 – Ultimus Fund Solutions® (Ultimus®), a leading independent provider of full-service fund administration, accounting and investor solutions, recently delivered timely operational support to a fund sponsor client, Shelton Capital Management (Shelton), as it restructured another mutual fund family. Earlier this year, Shelton announced a transaction with ICON Advisers after which Ultimus promptly helped facilitate the consolidation of the funds and conversion from another service provider.
As part of the transaction with ICON, Shelton restructured the ICON funds into a Shelton Capital mutual fund trust while at the same time merging two ICON funds into two of its five-star rated funds. During the transaction between the two firms and subsequent restructuring, Ultimus provided various support services in the consolidation of select ICON funds into a streamlined lineup of 8 funds, helping Shelton gain additional scale and efficiency quickly, lowering its overall total cost of ownership of the funds. According to Shelton’s announcement, the innovative transaction is expected to reduce fund operating expenses by $1,800,000 annually for shareholders.
Shelton, a multi-strategy asset manager with over $3 Billion in assets under management (AUM) and offices in San Francisco, Denver and Greenwich, has been a valuable client of Ultimus since 2014. Post conversion, Ultimus will provide fund accounting and transfer agent services for these additional funds. Shelton is the named investment adviser and ICON is the sub-adviser to the remaining ICON funds.
“A big part of our growth strategy includes mergers and acquisitions and the back office work on mutual fund transactions is complex,” said Shelton Capital Management CEO Steve Rogers. “Ultimus helped ensure that each of our transactions were executed perfectly. That’s important to the mutual fund boards, the advisers and especially the shareholders. In a complex transaction like this ICON effort, it’s great to have Ultimus on our team.”
According to Bill Tomko, EVP, Head of Fund Servicing for Ultimus, the ability to provide additional services quickly while delivering uncompromising quality and value reflects an ongoing focus on expanding the capabilities with the best technology and talent in the industry. “We are excited to be working with the management teams of both Shelton Capital Management and ICON Advisers,” he said, “and to provide fund accounting and transfer agent services for Shelton and ICON. We look forward to supporting the partnership by delivering the kind of client experience and exceptional value for which Ultimus is known.”