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December 17, 2021

Ultimus Fund boosts private fund administration footprint with latest deal

By Verdict Staff

Fund administrator Ultimus Fund Solutions has expanded its private fund administration footprint with the acquisition of FD Fund Administration .

Financial terms of the deal were not disclosed.

Philadelphia-headquartered FD Fund Administration offers accounting and administrative services to investment fund managers.

The firm, which has additional offices in New York City and Minneapolis, also specialises in private equity strategy with a focus on real estate, credit, and infrastructure funds.

In addition, it also provides support the fund administration requirements of wealth management platforms.

Ultimus plans to combine FD Fund Administration team with its private fund business unit, Ultimus LeverPoint Private Fund Solutions.

The merged entity will service over 730 funds and offer fund administration services for around $150bn in assets under administration (AUA) on behalf of 250 clients.

Following the deal, Ultimus will service over $400bn of AUA and will have 450 clients representing more than 1,500 funds with around 825 associates.

Ultimus CEO Gary Tenkman said: “This merger provides us even more scale and enhances our ability to invest further in technology and service capabilities.

“Ultimately, the merger demonstrates our commitment to scaling our private fund administration business. Ultimus possesses a unique position in the marketplace as a leading independent fund solutions provider for both registered and alternative fund managers.”

As part of deal, FD Fund Administration CEO Tom DiEgidio will become Ultimus LeverPoint president.

Commenting on the deal, DiEgidio said: “I look forward to working with the team at Ultimus and I’m confident the combined team will continue to provide the differentiated, high-quality service we pride ourselves on, while delivering a deeper set of capabilities.”

In 2019, Ultimus strengthened its private markets offering with the purchase of LeverPoint Management, which offered fund administration, accounting, tax, and back-office support services.

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