Ultimus Fund Solutions’ Advisor Solutions group has been selected by 300 North Capital to provide shadow accounting and other middle office services for the firm’s three hedge funds and its separate accounts.
Through the agreement, 300 North will leverage Ultimus’ best-in-class technology and industry knowledge to create a more efficient middle office operation, allowing the firm to devote its resources to managing money and diversifying its product offering. The southern California-based manager was drawn to Ultimus because of its reputation as a high touch service provider, focused on providing middle and back office services to small and mid-tier investment advisors.
Ultimus will provide middle office operations including a daily investment book of record, investor reporting, and billing and performance calculation services. 300 North transferred to Ultimus from a large service provider, choosing Ultimus after a comprehensive review of its professional staff, services and leading edge technologies.
“Firms are realising that increased regulatory and reporting requirements are making it difficult to achieve efficiency in their middle office without taking away resources from other areas of their business,” says Gary Tenkman, Managing Director at Ultimus. “Our technology platform and experience in operations will alleviate the middle office burden for 300 North and let them focus on their clients and their established global macro strategy. We’re proud to be on the same team as 300 North and look forward to helping them continue to grow their hedge fund strategy.”
“Once we saw Ultimus demonstrate their expertise and what they could do for us, we knew that they would be the right partner to help us continue to grow,” says Timothy Blastek (pictured), Senior Vice President and Head of Trading at 300 North. “We already knew of their strong reputation, and their technology really impressed us during the evaluation. We’re excited to start this partnership, and continue to grow our business with Ultimus.”
