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

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

Rating:After Ultimus and Gemini Merge ... Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, November 20, 2018

After Ultimus and Gemini Merge ...

Reported by Neil Anderson, Managing Editor

Two tasks will be front and center for Ultimus Fund Solutions' new chief after the merger with the Gemini Companies closes early next year.

Gary Tenkman
Ultimus Fund Solutions
President
Yesterday, Chicago-based private equity firm GTCR agreed to separately buy Cincinati-based Ultimus and Hauppauge, New York-based Gemini, then merge them together in an independent mutual fund administration giant. The new company would have more than $150 billion in combined AUA and support more than 840 funds. The deals are expected to close in Q1 2019, and Ultimus president Gary Tenkman will become the combined firm's CEO, under the Ultimus brand. Watch for Tenkman to expand the combined firm and possibly do more deals.

Collin E. Roche
GTCR
Managing Director
Yet, first off after merger, the combined team will "pull out the corporate infrastructure out of NorthStar ... to be able to operate as [a] separate company," says Tenkman. (NorthStar Financial Group is the soon-to-be former parent of Gemini.)

The other key early task, Tenkman says, is "working together to leverage best practices and technology." He notes that both Gemini and Ultimus currently use the InvestOne for fund accounting and PowerAgent for transfer agency.

"The two core platforms that we use are the same," Tenkman tells MFWire. "That makes the integration a lot easier in that we're just going to focus on best-of-breed surrounds."

"Both businesses have a common technology architecture, agrees Collin Roche, managing director of GTCR. "The opportunity there is somewhat less complex than in other situations."

"Our real goal on this is to keep the client service neutral to positive throughout this process of integration," Tenkman adds.

To that end, Tenkman plans to keep Ultimus' and Gemini's different offices intact. Ultimus currently has offices in: Chicago; Cincinnati; Columbus, Ohio; Denver; and Indianapolis. Gemini has offices in Chicago; Hauppauge; Omaha; Phoenix; and San Rafael, California.

"Our plans are to keep those service offices the way they are. Our collective difference, it's about our service team and providing great service," Tenkman says. "People are going to want to know that their teams will stay intact. There's no plans to consolidate any of that."

As for staff, Gemini and Ultimus have more than 500 employees combined. Tenkman says it's too early to talk about staffing changes. GTCR's Roche says that, while "there will likely be some redundancies," he expects the combined team to be even bigger a year from now.

"We expect these businesses to grow, to grow in staffing and to grow in opportunity set," Roche tells MFWire, adding that Ultimus and Gemini have certain advantages as "non-bank service providers" (in contrast with many other big mutual fund administration shops that are owned by banks). "Both businesses can become that much more competitive in the market with greater scale."

"We'll be working across the aisle to bring the management teams together," Tenkman adds.

Ultimus and Gemini each bring some unique strengths to the table, in addition to their core mutual fund administration efforts. Thanks to Ultimus' acquisition last April of Woodfield Fund Administration, Ultimus is "a little more sizable on the private fund side" of the business." Meanwhile, Gemini does work with ETFs, 529s, and managed accounts.

As for further M&A, the Gemini and Ultimus teams have "enough to chew on right now," Tenkman says, yet doing more deals down the line is on their "radar screen." Roche says GTCR, a 38-year-old PE firm, will be keeping an eye out for more service provider deals.

"We're a growth-oriented firm, and we specialize in working with very strong management teams ... bringing broader product capabilities or broader market coverage or bigger scale," Roche says. 

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

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2025: Q3Q2Q1
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
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:
Raw XML
Add to My Yahoo!
follow us in feedly


    Sorry, no records in the database matched your search parameters. Clich back and try again.



  1. Nicsa webinar - New research by Alex Edmans and the Diversity Project - The Power of diverse thinking: How the best teams make decisions, July 1
  2. MFDF Director Discussion Series - Open Forum, July 9
  3. MFDF webinar - Mid-Year Tax Update for Registered Investment Companies, July 10
  4. MFDF Director Discussion Series - Open Forum (Philadelphia), July 15
  5. 2025 MMI Women in Advisory Solutions Forum, Jul 15-16
  6. Nicsa webinar - How Trusted GenAI is Transforming Data Access in Asset Management, July 16
  7. MFDF webinar - M&A and Consolidation in Asset Management, July 16
  8. MFDF webinar - ETF Conversions, July 17
  9. MFDF Director Discussion Series - Open Forum (New York), July 22
  10. MFDF Ask Anything webinar - AI Edition, July 24
  11. MFDF webinar - Use of Derivatives by RICs, July 29
  12. MFDF Director Discussion Series - Open Forum (Columbus, Ohio), August 20
  13. Samfund Soiree Boston 2025, August 21
  14. MFDF webinar - The Audit Committee Chair's Guide to Balancing Duties and Emerging Issues, September 3
  15. ICI ETF Conference, Sep 8-10
  16. Nicsa webinar - Reimagining Reconciliation: AI, Regulation, and Capital Markets Transformation, September 10
  17. MFDF webinar - Series Trust Funds - Compliance and Board Reporting, September 10
  18. MFDF In Focus - Board Oversight of DEI in Current Landscape, September 11
  19. MFDF webinar - MFDF 15(c) White Paper Webinar Series: Part 4 – Enforcement Action Takeaways, September 16
  20. MFDF webinar - Latest in Closed-End Funds Litigations, September 23
  21. MFDF webinar - Fixed Income Insights: Navigating Market Trends & Opportunities, September 24
  22. MFDF webinar - Risk Management Essentials for RICs and Boards, September 29
  23. MFDF webinar - Diligent - Tools for Fund Board Book, October 1
  24. 10th annual Fuse Forum, October 8
  25. MFDF webinar - Essential Strategies in Board Oversight of Operational Risk Management, October 14
  26. 2025 MMI Annual Conference, Oct 15-17




©All rights reserved to InvestmentWires, Inc. 1997-2025
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use