Ultimus Taps Liz Gaffney to Bridge Public-Private Fund Divide

CINCINNATI, OH – November 10, 2026 — The convergence of traditional asset management and private equity is no longer just a theoretical trend—it is actively reshaping the plumbing of the financial system. In a move signaling an aggressive push into this hybrid future, Ultimus Fund Solutions today announced the appointment of Liz Gaffney to the newly created role of Head of Strategic Partnerships and Market Development.

Ultimus, an independent provider of post-trade fund administration holding over $800 billion in assets under administration (AUA), is positioning itself to capture the rapidly growing demand for unified middle-office operations. Gaffney’s mandate is clear: build an integrated ecosystem that bridges public funds and private alternative assets, while expanding the firm's footprint in retail alternative distribution networks.

The Public-Private Convergence

Gaffney’s appointment is part of a broader executive suite expansion aimed at breaking down traditional asset class silos. It follows closely on the heels of the recent addition of Danielle Adamson as Chief Client Officer. While Adamson was brought in to unify relationship management across public and private markets internally, Gaffney will focus on the external ecosystem—the consultants, technology vendors, and distribution partners necessary to make that unified vision a reality.

“Liz brings a distinctive combination of relationship-building, market perspective, and experience across private markets, operation, and especially technology,” said Nick Darsch, Chief Commercial Officer of Ultimus Fund Solutions. “As we continue to evolve our platform and grow, her ability to connect ideas, people, and opportunities will help us deepen strategic relationships and create greater value for our clients and partners.”

This dual-pronged leadership approach reflects a fundamental shift in how asset managers operate today. A single investment firm may now run a traditional mutual fund, an exchange-traded fund (ETF), and a private credit vehicle simultaneously. These managers are increasingly demanding a seamless, connected service experience rather than dealing with fragmented, asset-specific administrative teams.

The Retail Alternatives Rush

The asset management industry is currently experiencing a massive "retail alternatives rush." General Partners (GPs) are increasingly looking beyond institutional capital, seeking to democratize access to private markets through vehicles like interval funds and tender offer funds. However, these structures introduce immense operational complexities that traditional back-offices were never designed to handle.

Unlike traditional private equity funds with a handful of institutional limited partners, retail alternatives can have thousands of investors. This requires highly scalable servicing platforms, complex quarterly redemption mechanisms, and specialized valuation methodologies. Interval funds and tender offer funds represent a massive opportunity, yet they straddle a difficult regulatory and operational line. They offer more liquidity than traditional locked-up private equity vehicles, but they still hold illiquid underlying assets. Processing subscriptions and redemptions for thousands of retail investors through platforms like wirehouses and independent broker-dealers requires a level of straight-through processing that traditional alternative fund administrators historically lacked. The administrative burden of handling 1099 tax forms instead of K-1s, managing daily or monthly net asset value (NAV) calculations, and coordinating with a myriad of wealth management platforms is immense.

This is precisely where Gaffney’s background becomes a strategic asset. Before joining Ultimus, she served as Managing Director and Global Head of Business Development at InvestorFlow, an AI-powered technology platform built specifically for private markets. Her tenure there focused heavily on how private wealth can drive AUM growth for investment managers, highlighting the critical need for purpose-built operating models to handle intermediary distribution channels and fragmented data. Prior to InvestorFlow, Gaffney began her career in private markets at Angelo Gordon.

“Ultimus has built significant momentum and a differentiated reputation by delivering exceptional client service,” Gaffney said regarding her new role. “I’m energized by the opportunity to deepen relationships across the partnership ecosystem and adapt to clients’ evolving needs as the landscape grows more complex.”

Competing in a Consolidating Landscape

The fund administration space is currently dominated by giants like SEI, SS&C Technologies, and Northern Trust—firms that boast AUA in the multi-trillions and have expanded their capabilities largely through massive, continuous acquisitions. To compete effectively against these behemoths, independent providers like the 1,200-employee Ultimus must differentiate themselves through niche expertise, agility, and highly integrated service models.

While the mega-administrators rely on sheer scale, Ultimus is attempting to carve out a distinct competitive moat through a highly consultative, "connected" approach. The firm currently services over 2,500 traditional and alternative investment vehicles. Moving forward, the goal is to ensure that a manager running both a mutual fund and a private equity vehicle doesn't feel like they are interacting with two completely different service providers.

By creating a dedicated Head of Strategic Partnerships role, the firm is acknowledging that no single administrator can build every piece of the retail alternatives infrastructure in-house. Success in this evolving landscape requires a robust ecosystem of fintech integrations, data management tools, and distribution partnerships. Administrators are no longer just accountants; they are technology integrators and essential enablers of wealth channel access.

Industry analysts note that servicing retail alternative funds requires a fundamental shift in operational architecture. Engaging with registered investment advisors (RIAs) and other wealth management platforms demands seamless data aggregation and tailored reporting. At InvestorFlow, Gaffney saw firsthand how artificial intelligence and cloud-based CRM systems could untangle the fragmented data that plagues alternative asset distribution. She understands that when a GP tries to sell a private real estate fund to an RIA network, the friction isn't usually in the investment thesis—it's in the onboarding, the capital call mechanics, and the performance reporting.

Building the Infrastructure for Wealth Channel Access

Gaffney’s mandate will span the firm’s public, private, middle office, and retail alternatives functions. By tapping someone with deep enterprise technology experience, Ultimus is signaling that it views fund administration as a technology-first enterprise. Gaffney will be tasked with identifying and integrating the right third-party technologies to ensure clients can seamlessly plug into the major wealth platforms.

Her ability to leverage her extensive network of fintech vendors and wealth distribution platforms will be tested immediately as she works to connect external market perspectives with the firm’s internal growth strategy. The timing of the announcement aligns perfectly with the firm's inaugural Strategic Partners Day, scheduled for later this week on November 12, where Gaffney is slated to be a featured speaker. The event is designed to foster dialogue among industry decision-makers on the convergence of alternatives and private wealth, and the role of technology and operating models in driving growth.

As fund managers increasingly demand hybrid operations capable of handling both traditional and alternative assets seamlessly, the administrators that can orchestrate the most effective technological and partnership ecosystems will be the ones that define the next era of asset servicing. By bringing Gaffney into the executive fold, Ultimus is making a clear bet that the future of fund administration lies not just in processing trades, but in building the very bridges that connect private market products to the global wealth channel.