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Bob Dorsey, Ultimus

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Ultimus Fund Solutions acquires private fund servicing business

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Ultimus Fund Solutions has acquired Woodfield Fund Administration, a privately-owned private fund administration firm headquartered in Chicago, Illinois.

Ultimus says that the combination will allow each firm to better leverage technology investments, resources and assets, providing current and prospective clients the opportunity to access a larger range of services from one combined firm with a hallmark of exceptional client service. After the acquisition, the firm will serve over 140 clients with nearly 200 employees, and Ultimus’ assets under administration will grow to more than USD75 billion. Ultimus, headquartered in Cincinnati, Ohio, will also maintain offices in Chicago, Illinois and Denver, Colorado, cities in which Woodfield currently operates.
 
“We are very excited to announce this acquisition. Ultimus has been partnering with Woodfield for several years and our cultures are closely aligned, from the quality of professionals to the types of advisers both firms serve to a common personalised service structure. This is truly a strategic move to expand Ultimus’ breadth of services for the investment community,” says Bob Dorsey (pictured), CEO and Managing Director of Ultimus.
 
Gary Tenkman, Ultimus President and Managing Director, says: “Woodfield clients should know that we are committed to continuing to provide them with the award-winning servicing that has been the hallmark of Woodfield and Ultimus since both firms were founded. We are also excited to add Woodfield’s quality professionals to our family as we continue to expand our presence in the investment servicing world.”
 
In commenting on the acquisition, Frank Franiak, President of Woodfield, says: “We have built a strong team with a remarkable reputation for servicing private funds. We are pleased to join forces with a very distinguished investment administration service provider and offer our combined high-quality service solutions. This transaction enables us to capitalise on our closely-aligned cultures while at the same time providing great opportunities to both firm’s employees.”

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