Ultimus Fund Solutions has tapped a former business development director at BNY Mellon to further drive sales for its private equity fund administration business.
Edward (Ned) Siegel has joined the firm as a senior vice president of business development within Ultimus LeverPoint, and will be part of its sales team responsible for driving new business growth.
Ultimus stated the hire ‘reinforces the focus’ on alternative fund administration services and complements its acquisition of LeverPoint Management last year which expanded the firm’s footprint.
“We’re excited to have Ned join our team, helping us continue to build our brand and presence in the private fund space as one of the leading, independent administrators,” said Gary Harris, executive vice president, head of sales for Ultimus. “Ned’s extensive experience and relationships will further help us to execute on our market strategy for this important segment of our business, and win new and larger mandates.”
Prior to joining Ultimus, Siegel’s was most recently a director of business development for BNY Mellon’s alternative investment services group. He also served in several capacities at State Street, including head of North American sales for the alternative investment solutions segment, where he focused in private equity and real estate administration services.
According to the firm, its private equity business provides accounting and fund administration solutions to over 230 firms with $90 billion in assets. In 2018, it also took over Woodfield Fund Administration to expand its private equity capabilities.
“Since joining forces with Ultimus, we’ve been able to scale our business with further investments in technology, service capabilities and resources. The addition of Ned to the team will help propel our growth and we’re glad to have someone with his tremendous product knowledge and industry connections on board,” added David MacPhee, CEO, Ultimus LeverPoint.
“With Ultimus’ support and Ned’s capabilities, we’ll continue to provide the differentiated high-quality service that we’re known for while we grow the business.”