Ultimus Fund Solutions has acquired Woodfield Fund Administration, a privately-owned private fund administration firm headquartered in Chicago, Illinois.
According to Ultimus, the acquisition will better leverage Woodfield’s technology investments, resources and assets, providing current and prospective clients with the opportunity to access a larger range of services.
Ultimus, headquartered in Cincinnati, Ohio, will also maintain offices in Chicago, Illinois and Denver, Colorado, cities in which Woodfield currently operates.
Woodfield will serve over 140 clients with nearly 200 employees, and Ultimus’s assets under administration will grow to more than $75 billion.
Bob Dorsey, CEO and managing director of Ultimus, 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."
Frank Franiak, president of Woodfield, commented: “We have built a strong team with a remarkable reputation for servicing private funds. We are pleased to join forces with a very distinguished investment administration service provider and offer our combined high-quality service solutions.”
He added: “This transaction enables us to capitalise on our closely-aligned cultures while at the same time providing great opportunities to both firm’s employees.”
