Ultimus Press Release

Ultimus Launches Successful Streamlined Solution for SEC Reporting Modernization

Clients Benefit from a Solution Implemented in Timely Manner

CINCINNATI, OHIO – September 5, 2018- Ultimus Fund Solutions®, LLC (Ultimus®), one of the largest independent providers of mutual fund, private investment fund and middle office services, announces that it successfully launched its N-PORT and N-CEN solution for mutual fund clients to meet initial reporting and recordkeeping obligations for its larger fund clients. While the SEC’s first filing date for Form N-PORT is not until April 2019, larger investment companies are required to start maintaining Form N-PORT in their records starting with June 30, 2018 month-end data. The SEC deadline for filing Form N-CEN as of June 30, 2018 is September 13, 2018. In recent years the SEC has updated mutual fund reporting standards to enhance transparency and modernize requirements, with these being the first important deadlines to meet.

According to the SEC, these new rules are needed to improve access to, and the quality of, information available to investors about fund investments. For investment managers of registered pooled investments, these new rules require each fund to collect and submit data for the fund’s complete portfolio holdings on a position-by-position basis. For most funds, this is a complex and sizeable operational challenge, causing firms to search for less complicated and economical solutions.

In preparation for meeting these requirements that were announced by the SEC nearly two years ago, Ultimus began developing a streamlined solution. As a result, in a collaborative effort with industry leaders, Ultimus worked with Confluence Technologies, Inc. and ICE Data Services to provide an automated process for the collection, creation, review and filing of these disclosure documents in one systematic solution. The efficient and cost-effective solution supports the collection of over 150 data points in a timely and accurate manner for inclusion on Form N-PORT, which is required to be maintained, and eventually filed, on a monthly basis. Form N-CEN is an annual filing with detailed data and information at the trust level.

“This is the first key milestone in a number of requirements under the new SEC reporting modernization rules that Ultimus’ teams, clients, technology and pricing partners have been preparing for,” said Gary Tenkman, President and Managing Director of Ultimus. “We are very pleased to be able to meet the initial deadlines in a timely manner. This is a testament to our team’s efforts to ensure our clients comply with the new requirements. We will continue to work diligently on implementing additional phases to meet the upcoming rounds of requirements over the next two plus years.”

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About Ultimus Fund Solutions, LLC
Ultimus Fund Solutions provides highly customized and comprehensive middle and back office services to investment advisers. Ultimus’ high-quality services include solutions for mutual funds, separately managed accounts, private investment funds and other pooled investment structures.

Our offering comes with a deep commitment to excellence, achieved through our investments in both talent and technology, with constant focus on maintaining our boutique service culture. As a result, Ultimus has stood out as an award-winning, trusted business partner to investment advisers and fund families since 1999.

Ultimus’ comprehensive service solutions are performed by seasoned teams of accountants, attorneys, paralegals, application developers and other professionals with a wealth of financial services experience. For more information, visit www.ultimusfundsolutions.com.

About Confluence
As a proven leader delivering an innovative platform to put data first in asset management, Confluence is leading the DataTech evolution for post-trade reporting. We focus on getting the data right, then reusing it across multiple regulatory, financial, statutory, performance and investor communications deliverables for speed, efficiency and control. Eight of the top 10 global service providers license Confluence products and all of the top 10 global asset managers have business processes automated through Confluence. Headquartered in Pittsburgh, PA, Confluence serves the international fund industry with locations in Brussels, Ho Chi Minh City, London and Luxembourg. Additional information available at www.confluence.com.

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