MutualFundWire.com: Refreshed, Ultimus Buys an Alts Specialist

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Wednesday, August 28, 2019

Refreshed, Ultimus Buys an Alts Specialist

A freshly merged, private equity-backed mutual fund back office provider is upgrading its brand and making another acquisition, this time on the alts side of the back office business.

Gary Tenkman
Ultimus Fund Solutions
CEO

Cincinnati, Ohio-based Ultimus Fund Solutions has agreed to acquire LeverPoint Management, a move that comes not long after their recent integration with The Gemini Companies earlier in the year under GTCR. After the LeverPoint deal closes, Ultimus will oversee over $220 billion in AUA, and work with more than 1,250 alternative and traditional funds.

The acquisition has been in the works for several months, according to Mike Hollander, a principal at GTCR. The agreement will likely close early in the fourth quarter.

"We think the transaction is off to a fantastic start," Hollander tells MFWire.

LeverPoint will merge into Ultimus' private funds business, which will henceforth be known as Ultimus LeverPoint Private Fund Solutions. According to Hollander, the operations at Ultimus won't change very much, and the Ultimus LeverPoint Private Fund Solutions branch will be "operated as a separate business unit," and will continue to be based out of LeverPoint Management’s former headquarters in Clifton Park, New York. Hollander adds that the acquisition is "only additive in that we'll have more capabilities and increased scale, it's not going to change the way any of the Ultimus clients are serviced."

The Ultimus team has also unveiled a new logo and new branding within the past month.

"We merged with Gemini earlier this year, and the logo is 20 years old as well, so we took the opportunity to refresh the brand," Gary Tenkman, Ultimus' CEO, tells MFWire.

The new logo features an open pyramid, rendered in two shades of blue. According to Tenkman, the dark blue represents Ultimus' "institutional size and strength as an organization," while the light blue represents their "boutique service." He adds that there is "kind of an open formation" symbolizing being open and transparent with clients, and the pyramid is because the Ultimus team is "striving to be the best in the business."

Printed from: MFWire.com/story.asp?s=60176

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