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Monday, December 20, 2021

Ultimus Buys In Philly

Reported by Neil Anderson, Managing Editor

A big mutual fund back officer provider recently bought an ally to the private equity and wealth management industries.

On Thursday, Gary Tenkman, CEO of Ultimus Fund Solutions, and Tom DiEgidio, CEO of FD Fund Administration, confirmed that Cincinnati-based Ultimus has acquired Philadelphia-based FD. The deal closed on Wednesday.

GTCR, Ultimus' PE owner, backed the Ultimus-FD deal. PL Advisors advised FD on the deal. In terms of legal counsel, Nelson Mullins supported FD, while Latham and Watkins supported GTCR and Ultimus.

FD supports both PE and wealth management platforms, and Ultimus will merge FD into its Ultimus LeverPoint Private Fund Solutions arm; DiEgidio will become president of Ultimus LeverPoint. That will boost Ultimus Lever Point to about $150 billion in AUA, more than 730 supported funds, and 250 clients. (The Ultimus-FD deal comes two years after Ultimus bought LeverPoint Management, an alts back office provider.)

Overall, Ultimus now has more than $400 billion in AUA, more than 1,500 supported funds, about 825 employees, and more than 450 clients.

DiEgidio lauds the Ultimus team for their "dedication to client service."

"This merger provides us even more scale and enhances our ability to invest further in technology and service capabilities," Tenkman states. "Ultimately, the merger demonstrates our commitment to scaling our private fund administration business." 

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