An Ultimus Co-Founder Begins His Long Goodbye
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Thursday, November 5, 2020

An Ultimus Co-Founder Begins His Long Goodbye

Bob Dorsey, vice chairman and co-founder of Ultimus Fund Solutions, is retiring next spring after what will be nearly 22 years with the mutual fund servicing firm. Dorsey's retirement will take effect on March 31, 2021.

Robert George "Bob" Dorsey
Ultimus Fund Solutions
Co-Founder, Vice Chairman
"I've been talking with Gary since the beginning of the summer about how I wanted to retire in 2021," Dorsey tells MFWire, referring to Gary Tenkman, CEO of Ultimus. "We wanted to announce it about six months before I retire so I can talk to all the employees, talk to clients, talk to board members. We've begun that process."

Tenkman was promoted to CEO in February 2019, after Ultimus was purchased by GTCR, a private equity firm. Prior to that, Dorsey tells MFWire that Tenkman was hired with the intention of becoming CEO one day.

"This transition began seven or eight years ago when we hired Gary," Dorsey says. "We hired him specifically to be the CEO, and it's nice when a plan comes together."

Dorsey tells MFWire that his decision to retire is due to both his age and how his job has changed since the coronavirus pandemic.

"I'm retiring a week before my 64th birthday, and often thought I would retire between 60 and 65, so I'm in that window," Dorsey says. "The other thing, too, is before COVID, a lot of my job responsibilities were travel for business development and client relations. I would attend almost all of the various ICI conferences with a number of my teammates to help introduce them to other business partners, key contacts at the ICI. We don't see any sort of business travel coming up in 2021, so there really isn't a lot for me to do."

Going forward, Dorsey will remain part owner of Ultimus, while Mark Seger, Ultimus co-founder and vice chairman, will continue in his role at the firm. Dorsey tells MFWire that although he has some outside charity work that he's involved in, he has no current plans to go back into the workforce.

"I want to spend more time with my wife, my children, and I became a grandpa in the last two years. I'd much rather be a full-time grandpa," Dorsey says, adding that, "If somewhere down the road somebody is interested in having me serve on the board of directors, or a board of trustees for a fund complex, it might be something I'd consider. But nothing is in the works right now."

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