Two Ohio-based mutual fund back office specialists are combining to create a firm with about $30 billion in assets under administration.
| Bob Dorsey Ultimus Fund Solutions Co-Founder, Managing Director | |
Bob Dorsey, co-founder and CEO of
Ultimus Fund Solutions, confirms that the Cincinnati-based shop is
acquiring Huntington Asset Services, Inc. (HASi) and
Unified Financial Services from Columbus-based Huntington Bancshares. The pricing and terms of the deal, which is slated to close by year-end, were not disclosed.
"HASi clients can be assured that we are committed to providing them with the best in class servicing that has been a hallmark of Ultimus since its founding," Dorsey states. "We are also excited about welcoming new passionate professionals to our team as we continue to grow and expanded our footprint."
Steve Watkins of the
Cincinnati Business Courier reports that Ultimus already supports $20 billion for 43 clients and 105 funds and that HASI works with $10 billion for 40 clients and 72 funds.
American Banker and the
Columbus Dispatch also covered the news.
The deal comes as Huntington is also
selling off its in-house mutual fund business in a pair of deals, after first
selling its fixed income funds last year. The deal also comes about half a year after five-year HASi veteran
Jeff Young took over the unit.
Meanwhile, shares in publicly-traded Huntington are up 9.03 percent year-to-date. 
Edited by:
Neil Anderson, Managing Editor
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