Ultimus Taps Industry Veterans to Navigate Converging Financial Markets

CINCINNATI, OH – January 20, 2026 – Ultimus Fund Solutions, a major provider of post-trade services, has announced a significant expansion of its commercial teams, bringing on four senior industry veterans to bolster its expertise in both public and private markets. The strategic hires signal a direct response to powerful forces reshaping the asset management industry: the accelerating convergence of public and private investments and the explosive growth of complex products like exchange-traded funds (ETFs) and private credit.

With over $750 billion in assets under administration, Ultimus is positioning itself to handle the increasingly sophisticated operational and regulatory demands facing its clients. The move underscores a broader industry trend where fund administrators are evolving from back-office processors into indispensable strategic partners, blending high-tech platforms with deep human expertise.

A Strategic Response to Market Convergence

The traditional walls separating public and private markets are crumbling. This convergence, driven by investor demand for diversified returns and technological advancements, is creating a new landscape of hybrid investment structures. Asset managers are no longer siloed, and they require service providers who can seamlessly navigate both worlds. Industry analysts at McKinsey & Company have termed this shift "The Great Convergence," estimating it could put as much as $10.5 trillion in assets into motion over the next five years.

Ultimus's expansion directly targets this new reality. By adding senior talent dedicated to both public and private market solutions, the firm is building a framework to support asset managers launching more complex, blended products. This proactive strategy aims to capture growth as high-net-worth individuals and institutional investors alike seek total portfolio solutions that combine the liquidity of public markets with the return potential of private assets.

"As asset managers navigate increasing complexity, Ultimus is dedicated to providing scalable, agile solutions that align with our clients' long-term aspirations," said Nick Darsch, Chief Commercial Officer at Ultimus Fund Solutions, in the company's announcement. The firm’s emphasis on customized service highlights the need for a consultative approach in an era where one-size-fits-all solutions are no longer sufficient.

Targeting High-Growth, High-Complexity Sectors

The expansion is also a targeted bet on two of the fastest-growing and operationally challenging sectors in asset management: ETFs and private credit.

The global ETF market has swelled to approximately $13 trillion in assets, with projections suggesting it could reach $25 trillion by 2030. This rapid expansion, particularly in active ETFs, brings significant operational hurdles. Fund administrators face pressure from manual creation and redemption processes, disjointed data systems, and a constantly evolving regulatory environment. Efficiently managing liquidity and compliance for these complex instruments requires specialized knowledge and robust technological infrastructure.

Simultaneously, the private credit market has become a dominant force in alternative investing, with assets under management expected to grow from $1.7 trillion to a potential $4 trillion by 2030. This sector's growth is fueled by demand for alternative financing and stable, risk-adjusted returns. However, its operational backbone is notoriously complex. Administrators must grapple with non-standardized borrower information, bespoke loan structures, and difficult-to-value illiquid assets, all while navigating a patchwork of global regulations. Striking an accurate Net Asset Value (NAV) is a recurring, high-stakes challenge.

By dedicating senior talent to these areas, Ultimus aims to provide the specialized support necessary for managers to capitalize on these trends without being bogged down by operational friction.

The Human Element in a Tech-Driven World

While Ultimus touts its "technology-forward solutions," the focus of its latest announcement is squarely on human capital. The firm's reference to integrating "battle-tested veterans" speaks volumes about the enduring value of experience in an increasingly automated industry. The new hires bring decades of specialized expertise from some of the biggest names in finance.

In Public Markets Solutions, Ultimus welcomes:
* Matthew Geldhof, a Senior Vice President with a background supporting global asset managers at Citibank and Goldman Sachs. A former Marine Corps Officer, his experience covers the full spectrum of post-trade activities, from middle office to fund administration.
* Edward Lund, a Senior Vice President and industry veteran with deep expertise in the ETF ecosystem, having previously held leadership roles at Gemini Fund Services and NorthStar Financial Services Group.

For its Private Markets Solutions team, the new additions are:
* Gilbert Maddock, a Senior Vice President with nearly 30 years of experience in private markets and alternative investments, including senior business development roles at MUFG Investor Services and Citigroup.
* William Thoma, a Vice President specializing in alternative asset managers, who joins from Northern Trust where he focused on fund administration and managed operations for private asset reporting.

This deliberate recruitment of seasoned professionals underscores a critical reality: technology and AI can streamline processes and analyze data, but they cannot replace the nuanced judgment required to structure bespoke solutions, navigate unprecedented regulatory questions, or manage complex client relationships. The future fund administrator is not just a processor but a data interpreter and strategic advisor.

The Evolving Role of the Fund Administrator

Ultimus's strategic expansion is reflective of a larger transformation within the fund administration sector. Competitors, from global giants like State Street and BNY Mellon to specialized players, are also heavily investing in technology and talent. The industry is rapidly moving away from a commoditized service model toward one based on strategic partnership.

Asset managers are increasingly outsourcing a wider array of functions—including compliance monitoring, portfolio analytics, and data management—to gain access to specialized expertise and achieve greater operational efficiency. This allows them to focus on their core competency: generating alpha. In this environment, administrators that can offer flexible, high-touch service and anticipate market shifts are poised to win.

The firm's investment in both market-facing talent and underlying technology equips it to serve as a comprehensive resource for managers. By strengthening its teams, Ultimus is reinforcing its commitment to helping clients not just survive, but thrive in a dynamic and increasingly complex global market.