The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Ultimus Hires a Doctor for Those Middle Office Pains Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, May 19, 2014

Ultimus Hires a Doctor for Those Middle Office Pains

Reported by Anastasia Donde

Ultimus Fund Solutions has hired Gary Tenkman, formerly the head of Citi's Hedge Fund Services business, to lead its expansion into middle office work. Ultimus already assists mutual fund companies and advisors with back office needs, such as administration, accounting, distribution, transfer agency services and the like. The firm decided a year ago to start working with clients on middle office tasks, such as trading, compliance and investor communication as well and brought Tenkman in to help with the effort.

Bob Dorsey, co-founder and managing director at Ultimus, said many of the firm's clients run private funds as well, and middle office issues might be harder there. A mutual fund would have one custodian, for example, whereas a hedge fund could have 20 different separate accounts where the money is custodied with different banks, so clients may need more assistance there, or with the preparation of their investor communication, Dorsey explained.

"The middle office is a pain point for a lot of advisors, " Dorsey said. "We're talking to a lot of our clients, who say, 'yes, we have these pain points,' so we've been talking about what works, what doesn't work and how we can help," he added. Ultimus has 30 clients and the firm's executives have already been in talks with many who are interested in middle office help as well.

Tenkman will now be tasked with drafting a strategic business plan for Ultimus that will involve deciding which middle office tasks Ultimus will take on and how. Dorsey said this will likely lead to hiring more people or acquiring a team in the business. "We'll be looking at whether it makes sense to build or buy that expertise," Dorsey said.

Tenkman was managing director and Head of Hedge Fund Service Operations at Citi since April 2013 and has held a variety of senior roles at Citi since 2007. He left the bank in February. He'll be moving to Cincinnati from New Jersey for the role at Ultimus.

At Citi, he was replaced internally by a senior member of the team, a Citi spokeswoman said. She declined to name the person.  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2021: Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

  1. MFDF Director Discussion Series - Open Forum via Zoom (West Coast), February 24
  2. NICSA 2021 Strategic Leadership Forum, Feb 24-26
  3. Tearing Down the Pink Wall webinar - Outlook 2021: Diversity in the world of financial services, asset allocation and ESG trends, February 24
  4. Credit Suisse - 22nd Annual Virtual Financial Services Forum, Feb 24-26
  5. WiPN DE&I webinar | Ally, Allegiance and Advocacy: Making Inclusion Everyone's Business, February 25
  6. MFDF webinar - ESG, Proxy Voting and Engagement — Where DOL and SEC Regulation has Been and Where it May be Going, February 25
  7. IDC Foundations for Fund Directors, Mar 1-2
  8. MFDF webinar - Board Oversight of ETFs, March 3
  9. FinReg Outlook 2021, March 10
  10. MFDF Director Discussion Series - Open Forum via Zoom (Midwest), March 10
  11. Irish Funds North American Digital Seminar, March 11
  12. MFDF webinar - Municipal and Taxable Fixed Income — A Multi-Speed Recovery, March 12
  13. 2021 Virtual Mutual Funds and Investment Management Conference, Mar 15-19
  14. SEC & DOL Standard of Conduct Rulemakings — Present & Future Considerations, March 23
  15. ETFGI Global ETFs Insights Summit - ESG & Active ETF Trends, Mar 24-25
  16. MFDF Director Discussion Series - Open Forum via Zoom, March 24
  17. MFDF webinar - Asset Management M&A for Fund Directors — Recent Trends and Governance Issues, March 31
  18. MFDF Director Discussion Series - Open Forum via Zoom, April 7
  19. MFDF In Focus: Board Oversight of Sub-advisers, April 15
  20. The 31st Sub-Advised Funds Forum, Apr 20-21
  21. ETF.com Awards 2020, April 20
  22. MFDF Director Discussion Series - Open Forum via Zoom (Northeast), April 21
  23. FIASI virtual event - ESG in Fixed Income: Shining a Light on Transparency, Apr 22-23
  24. 44th Annual AIMSE Marketing & Sales Conference, May 2-4
  25. MFDF Director Discussion Series - Open Forum via Zoom (Southeast), May 5
  26. ICI 2021 General Membership Meeting - Day 1, May 6

©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use