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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