Ultimus Fund Solutions has become the latest fund administrator to join the North American Fund Administration Association (NAFAA).
The membership to the industry body follows the recent completion of Ultimus’ takeover of Woodfield Fund Administration, expanding the mutual fund administrator’s services to include private equity administration.
Ultimus is now the fifth administrator to join the association, which was founded earlier this year by former JP Morgan, Citi and State Street fund services veteran Chris Meader.
“With the recent acquisition of Woodfield Fund Administration, Ultimus has broadened its mutual fund administration services to include alternative investment funds and we are delighted to have them partner with us in enhancing the alternative fund administration industry,” said Meader.
Other members of the organisation include Apex Fund Services, Stone Coast Fund Services, Basiz Fund Services and North Street Global.
“Our involvement with NAFAA allows us to collaborate with other administrators in the U.S. to bring new ideas and standards that will be beneficial for our firm, our clients and fund investors,” said Gary Tenkman, president and managing director of Ultimus.
“We are excited to get behind and support the goal of promoting the best interests of the private fund industry since there aren’t other organisations addressing this need.”