Ultimus Fund Solutions has completed its takeover of Woodfield Fund Administration, expanding its private fund capabilities.
Following the integration, Ultimus will now cater to a wider range of private equity, venture capital, real estate and hedge fund clients.
After the integration process, Ultimus will serve over 150 clients with nearly 200 employees and $80 billion in assets under administration across the US and Europe.
It has also highlighted new technology investments to be carried out over the year to meet the expansion of its private fund services.
“Offering private fund administration services has been a goal of our firm for a few years. However, we never wanted to build this product line and service from scratch,” said Gary Tenkman, president and managing director, Ultimus Fund Solutions.
“We sought to acquire a firm with experienced professionals that engage in a client-centric culture similar to Ultimus and who also possess deep industry knowledge.”
Ultimus completed the transaction for Woodfield in April this year.