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Ultimus Fund Solutions names former Citi exec Gary Tenkman as MD

Ultimus Fund Solutions, one of the largest independent providers of mutual fund services to the financial industry, has named senior fund services executive Gary Tenkman as managing director.

At Ultimus, Tenkman, who most recently headed up North American fund services operations for Citi, will lead the firm’s ongoing expansion into key service areas and markets including middle office, compliance and alternative fund services.
“Gary is a very accomplished leader in the fund operations industry and to bring in someone of his calibre is a huge benefit for Ultimus and our clients,” says Bob Dorsey, co-founder and managing director at Ultimus. “In the face of changing regulations and investor expectations, advisors are looking for partners who can provide strategic services and advice across the operational spectrum. With his deep experience in the registered and alternative arenas Gary allows us to build on our leadership position in the mutual fund space and develop new strategic offerings in the middle office and alternative fund areas. We are thrilled to have him as part of our leadership team and we’re excited about the opportunities this presents for our business and our clients.”
Tenkman is the latest in a series of high-profile hires by Ultimus that correspond to a growing list of strategic services being provided. Over the past 18 months, the firm has expanded its series trust business, launched a new strategic distribution offering and began providing middle office services.
Tenkman brings more than 20 years of leadership experience in the fund operations and servicing space for both registered and alternative investments. Most recently he was the head of fund services operations for Citi in North America, where he was responsible for the operations for both US and Canadian registered fund business, middle office services and alternative investment services. He previously held a variety of fund business and operations leadership roles in the US and abroad at Citi and BISYS. Earlier in his career he was an audit manager in Ernst and Young’s investment management practice.
“I have been in this business for a long time, and I have never seen a firm as focused on its clients’ successes as Ultimus,” says Tenkman. “That’s what drew me to them, that’s what drives their business and that’s what will allow us to grow going forward. Managers are facing an increasingly complex and competitive landscape, and we are building out our team and our services to help them stay ahead of the curve. It’s a refreshing approach and an amazing opportunity and I’m honoured to be part of the team.”

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