Ultimus CEO Bob Dorsey is starting 2017 off with a bang.

Bob Dorsey Ultimus Fund Solutions Chief Executive Officer

Today, Dorsey confirms that the firm has won a record-breaking account with Diamond Hill. Bringing over 12 mutual funds and one private fund totaling over $13 billion in assets, Diamond Hill will be the largest client at Ultimus by both net assets and number of funds.

Ultimus will provide fund accountant, transfer agent, financial reporting, shareholder, and blue sky services for the mutual funds. The firm will also provide fund administration and accounting services for the private fund.

"They are an excellent fund family. They have some really great products," Dorsey tells MFWire.

Diamond Hill employs a number of traditional strategies, but the shop doesn't shy away from alternatives. One of the family's larger funds is a long-short fund, the Diamond Hill Long-Short Fund, with around $4 billion in assets. Dorsey believes Ultimus' experience in this space helped secure the account.

"We've got a lot of clients in the liquid alts space that have long-short or market neutral type funds, and I do believe that our experience in that space helped us win the Diamond Hill business," says Dorsey.

Diamond Hill appointed Ultimus back in March, and the two companies finalized the conversion in August. In addition to the funds that will now be serviced by Ultimus, Diamond Hill has nine separately managed accounts and the Diamond Hill Valuation-Weighted 500 ETF, which tracks the Diamond Hill Valuation-Weighted 500 index. The firm has a total of $19 billion in assets under management.

With the addition of the Diamond Hill account, Ultimus crossed the $50 billion mark in assets under management, servicing 89 clients and 211 funds. The new win represents approximately a 35-percent increase in Ultimus' assets. 

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