Ultimus Fund Solutions, an Ohio-based provider of mutual fund services to the financial industry, has acquired Woodfield Fund Administration, an Illinois-based private fund administration firm.

In addition to its Chicago base, Woodfield also operates in Denver, Colorado.

The combined entity will have a workforce of around 200 and a client base of over 140. It will offer pooled investment administration options as well as a middle office service solution

The deal, whose terms were not disclosed, will boost Ultimus’ assets to over $75bn.

Ultimus CEO and managing director Bob Dorsey said: “Ultimus has been partnering with Woodfield for several years and our cultures are closely aligned, from the quality of professionals to the types of advisers both firms serve to a common personalised service structure.

“This is truly a strategic move to expand Ultimus’ breadth of services for the investment community.”

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Ultimus president and managing director Gary Tenkman added: “Woodfield clients should know that we are committed to continuing to provide them with the award-winning servicing that has been the hallmark of Woodfield and Ultimus since both firms were founded. We are also excited to add Woodfield’s quality professionals to our family as we continue to expand our presence in the investment servicing world.”