Independent mutual fund service provider Ultimus Fund Solutions, LLC has hired Kirk Littleton as director of business development to help the company double its business within the next seven years.

“Over the next five to seven years, we would like to grow the firm almost to the point of where we would be double in business,” Bob Dorsey, Ultimus co-founder and managing director told Money Management Executive. “In order to do that, we need a dedicated business development expert to get us there.”

Ultimus provides administration services to open-end and closed-end funds. Performed by teams of CPAs, attorneys, paralegals and other mutual fund experts, the services include fund accounting, fund administration, distribution, transfer agent and shareholder services.

Dorsey says that many small and medium-sized funds are converting from multiple service providers to full-service vendors. The challenge for his company, he says, is convincing funds that his company is the right fit for them.

“There will be a lot of opportunities,” he said. ‘The challenge is capturing the right opportunities.”

That’s where Littleton comes in.

Previously, Dorsey handled business development slowly, methodically, and carefully through referrals since he helped found the company 12-years ago.

Littleton, who previously served as managing director of global outsourcing for BNY Mellon’s second generation middle office outsourcing services to mutual funds, will bring a “more formalized” approach to this process.

“I bring a more structured approach to business development. More discipline about the sales process, maintaining CRM systems,” Littleton told Money Management Executive.

For example, Ultimus is going to become a regular exhibitor at trade shows.

“Small to mid-sized mutual funds and investment managers are increasingly finding themselves underserved by the large bank service providers,” said Littleton. “As an established industry player with the highest quality services in the market, Ultimus is primed to thoughtfully expand its reach and fill this gap, while maintaining its loyal relationships and service-oriented approach with existing clients.”

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