The recent Ultimus 2026 Client Summit provided an informative industry event designed to offer an insightful update on the state of the asset management Industry for both registered and private asset managers and RIA clients. The Summit’s carefully crafted agenda addressed major industry issues and challenges by inviting financial industry experts to share insights and perspectives, along with numerous breakout sessions to allow for a substantial sharing of ideas, experiences, best practices, and the exploration of innovative strategies.

As a leading independent, tech-enabled provider of full-service fund administration, accounting, and middle office services for fund sponsors and investment advisers, Ultimus Fund Solutions (Ultimus) has grown considerably over the years through organic growth in new clients and a series of acquisitions. The firm’s growth has strengthened its administrative capabilities and consultative approach across the full registered and private fund spectrum.

It also positions them with a unique vantage point to keep a finger on the pulse of the rapidly changing operating environment, accelerating investment product innovation, distribution re-engineering, and technological transformation happening across the asset management industry in its registered and private fund space.

The 2026 Summit agenda reflected more than a roster of timely topics - it captured a broader strategic reality facing the industry: asset management firms are no longer preparing for gradual change, but for simultaneous transformation across product innovation, distribution, operations, regulation, and technology, and the confluence between registered and private funds.

Key 2026 Summit topics included distribution strategies, regulatory and compliance matters, middle office solutions, optimizing operations, fund governance, registered alternatives structures, ETFs, and cybersecurity. They also organized several excursions and networking opportunities with peers in the fund advisory community, industry experts, and Ultimus professionals from its registered, private fund, and middle office teams.

Overviews and takeaways from some of the sessions are highlighted below:

 

Ultimus Update: A View from the Top

To kick off the summit, Gary Tenkman, CEO, and John Lehner, President of Public Funds Solutions, shared their vision of Ultimus' future.

Gary opened the 10th Ultimus Client Summit by discussing his tenure, the company's growth, and outlining Ultimus's strategy that focuses on best-in-class service, talent, and technology across a wide range of product wrappers. Ultimus has grown to be the only independent, tech-enabled fund administration firm with scale across all product wrappers, including mutual funds, ETFs, private equity, retail alternatives, and middle office services - a unique competitive position compared to large global custody banks.

As evidence of the firm’s investment in people, he noted the company's growth from 350 employees in 2019 to nearly 1,300 today, with over 100 hired in the current year alone. Firm growth has led to Ultimus currently supporting over 450 investment advisers, 2,500 funds, four million shareholder accounts, and $775B in assets under administration (AUA).

He also highlighted a key priority of expanding capabilities in Europe and other jurisdictions to better serve clients wanting to distribute funds globally. Announcing a clear vision of expansion signaled the company's international growth ambitions.

John Lehner followed, reinforcing the company's core ethos of "service, service, service," which he framed as "service at scale” - meaning the combination of its client-centric culture with a robust, scalable technology and data infrastructure.

The Summit theme of the “Power of Partnerships” was characterized as a testament to how partnerships amplify possibilities and enable the seizing of new opportunities together by harnessing the collective strength of the community­­ to shape a brighter, more successful future. At the heart of the power in partnership lies the ability to drive progress and achieve extraordinary outcomes through collaboration. He especially thanked clients for their presence and participation at the Summit, making the event even more special and meaningful as everyone can dive into the future of administration, technology, and innovation side by side.

He also discussed the goals of the conference to foster connection, provide education, and listen to client feedback; introduced his public funds team; and emphasized how the company's focus on scalable technology, seamless data integration, and the responsible adoption of emerging technologies like AI, positions Ultimus as a forward-thinking partner for their asset management clients that is prepared for the future of the financial services industry.

 

Washington Watch: What’s Ahead for the Industry

This panel of seasoned Washington observers from the ICI, Thompson Hine, and DLA Piper shared practical observations on evolving policy discussions and what policy changes mean for the industry - delivering timely intelligence for investment advisers, trustees, and other industry professionals navigating a rapidly changing environment. Insights into enforcement dynamics were provided to help inform compliance strategies.

Main discussion points revolved around three key areas: tokenization, the use of Artificial Intelligence (AI) in the industry, and the Department of Labor's proposed rule on alternative investments in 401(k) plans. Speakers explored the implications of tokenization for asset distribution, investor experience, and regulatory frameworks. They also delved into the increasing adoption of AI by investment advisers, the regulatory challenges it presents, and the potential for AI to transform prospectuses and investor interactions. The SEC has already acknowledged the current state of e-delivery as a "crazy quilt," indicating its archaic nature and the need for re-evaluation and improvement.

Finally, the discussion touched upon the Department of Labor's efforts to allow alternative investments in 401(k)s, with skepticism surrounding its clarity for litigation avoidance, and the broader impact of regulatory changes and enforcement on the industry.

With the consensus that the industry will be very different from what it is today in five years – not 10 or 15 years, mind you - the most interesting projection made was on tokenization, where in five years most products will be tokenized and most people will be investing through a wallet. It was cited that Schwab reported that their mutual funds have already been tokenized in Europe by third parties, demonstrating that tokenization is occurring independently of direct issuer action.

 

Today's Market Pulse: Product Trends and Capital Movements

This data-driven session examined the latest investment product trends and how asset management firms are adapting to a rapidly evolving investment landscape, particularly the shift towards retail distribution and the increasing complexity of investment products. The breakout was led by Nickolaus Darsch, Chief Commercial Officer, Ultimus with Brendan Powers, Director, Product Development, Cerulli Associates, and Kerri Heidemann, Director, Asset & Wealth Management Consulting - North America, Alpha FMC. 

The data presented on channel growth (see Cerulli chart below), product adoption, and operational challenges informed asset managers about critical industry shifts that can guide strategic decision-making. The insights into evolving financial adviser needs and the complexities of new product structures like ETFs and alternatives were offered to help firms prioritize investments in technology, talent, and distribution strategies. The discussion on AI specifically highlighted a forward-looking trend that firms need to consider for future operational efficiency and innovation, like exception detection, reconciliation, and onboarding.

Key Points:

• Retail client channels are growing significantly faster than institutional channels.
• Firms are adapting their business models to offer advanced financial planning services.
• Asset managers are making strategies more accessible through new vehicles like ETFs and SMAs, and by expanding into different investment options such as direct indexing.
• Asset managers are increasingly providing support to wealth managers in areas like customization, personalization, and model portfolios.
• ETFs have become commonplace for financial advisers, with increasing comfort in active ETFs.
• Operational hurdles for ETFs include managing daily portfolio changes, daily disclosures, and establishing capital markets teams.
• The dual share class for ETFs presents regulatory and economic challenges.
• Alternatives are moving into the private wealth channel, with a shift towards semi-liquid funds like interval funds and evergreen funds.
• Managed accounts are evolving beyond equity to include fixed income and options, with a trend towards model-delivered SMAs.
• Model portfolios are a key way for asset managers to provide scale to wealth managers, offering investment strategies, client communication tools, and implementation support.

 

 

 

From Niche to Mainstream: The Rise of Retail Alternative Fund Structures

As retail access to alternative assets continues to expand, fund structures are evolving to meet growing demand. This session unpacked the operational, regulatory, and structural considerations behind interval funds, tender-offer funds, BDCs, and '34 Act private funds, highlighting the key considerations advisers need to evaluate when looking to launch retail alternative fund structures.

The panel, led by Nicholas Ablahani, Managing Director, Head of Retail Alternative Administration Product, Ultimus, brought together legal and operations specialists to examine how interval funds, tender offer funds, and business development companies (BDCs) are reshaping the way retail investors access private markets. The discussion also touched on fund structures gaining popularity, including ‘34 Act funds, registered 3(c)(7) funds, and outlined the factors advisers should consider when evaluating these structures.

Panelists worked through the structural distinctions that matter most to advisors. Interval funds offer continuous daily subscriptions paired with mandatory periodic repurchase offers, while tender offer funds give boards greater discretion over both the timing and frequency of repurchases as well as net asset value (NAV) striking cadence. That added flexibility, the panel observed, has meaningful downstream operational effects on shareholder servicing, distribution platforms, and the role of the transfer agent. BDCs were positioned with much different considerations: subject to SEC diversification requirements, focused largely on lending to private US companies, and reporting on a 10-Q and 10-K cadence rather than the N-CSR, N-PORT, and N-CEN regime that governs registered investment companies. Across all three structures, the panel identified a consistent set of pre-launch questions that sponsors should be wrestling with early, including seed capital sizing, target asset under management (AUM) thresholds, NAV frequency, liquidity management, and the valuation framework for Level 3 assets.

Operational readiness emerged as the through line. Panelists walked through legal formation, board and chief compliance officer appointments, and the assembly of service providers spanning legal, audit, fund accounting, fund administration, transfer agency, tax, and compliance administration. On the distribution side, the conversation turned practical: how the NSCC Fund/SERV and DTCC pipes interact with daily versus periodic NAV products, the data hurdles advisers routinely encounter at onboarding, and the recordkeeping nuances of private BDCs and 1934 Act private funds that rely on capital commitments and closings rather than traditional subscriptions.

The session closed on regulatory and market context, with commentary on redemption pressure in private credit and the proration mechanics that interval and tender offer funds rely on when repurchase requests exceed the offered amount, alongside heightened SEC scrutiny of valuation policies for hard-to-value assets sitting inside daily NAV vehicles. The takeaway for readers: retail alternatives have crossed into the mainstream, and the operational, governance, and valuation infrastructure behind them is now where the real competitive differentiation lies.

 

Solving the Unstructured Data Problem

This panel led by Mel Van Cleave, SVP, Technology and Jason Stevens, EVP, Chief Technology Officer, Ultimus with Jack Lupica, Senior Sales Engineer and Strath Lanyon, Chief Client Success Officer, Xceptor, addressed how asset managers are inundated with unstructured data - from PDFs and emails to tax documents and research reports.

The session explored how cutting-edge technologies like Generative AI and Natural Language Processing (NLP) can transform this data into actionable insights, empowering more informed decision-making, and uncovering tradeable opportunities. The discussion on the need for AI security and data governance served as a crucial guide for organizations navigating the complexities of implementing these new technologies responsibly.

A key observation was made that many people assume the pain points show up at the back end of operations, whether it is during reconciliation, or when operations teams are dealing with the data already in the system. The reality is that the problem needs to be solved upfront, at the ingestion stage where governance and normalization are established. That front-end work is where about 90% of the friction lies, when it comes to getting the data into the systems cleanly and consistently.

Further discussions around SEC announcements regarding AI records suggest regulatory bodies are actively considering and preparing for the impact of AI. The concept of an "operational control tower" - integrated platforms that provide real-time monitoring, root cause analysis, and guided response for data incidents - offered a vision for future operational efficiency and risk management.

 

From Back Office to Powerhouse: Scaling Investment Operations Data for Growth

This session explored how investment operations teams are strengthening their data using modern technology and smarter processes to specifically support growth.

Keith Totten, Founding Partner, Aliter Investment Solutions and Paul Wahmann, SVP, Head of Middle Office Services, Ultimus, along with client testimonials, discussed what is working, what has changed along the way, and how new tools are helping turn investment operations data into an advantage.

Key topics included:

• Prioritizing which data and operational challenges to modernize first.
• Turning previously siloed operational data into actionable insights.
• Experiencing a clear connection between stronger data practices and business growth opportunities.
• New data capabilities - like lineage, cataloging, or real‑time access - delivering big improvements.
• Measuring ROI data quality improvements.
• Evaluating technology partners or platforms.
• Emerging technologies that have the biggest impact on investment operations in the next 3–5 years.

 

Scaling Excellence: Future-Proofing Operations, Technology, and Tax for the Private Credit & Multi-Asset Era

As the private funds landscape shifts toward yield-driven private credit strategies and retail-accessible structures, the "back office" has become a critical driver of institutional credibility. This panel explored how fund managers are navigating a new era of complexity, where specialized credit data hooks, process automation, and integrated audit and tax strategies are essential for survival in 2026.

The panel led by Chris Cullison, Managing Director, Head of Private Funds Product, Ultimus, analyzed the shift from siloed workflows to digital-first models capable of handling the unique valuation and reporting demands of private debt alongside traditional assets to meet heightened LP expectations for transparency.

 

Cyber Crisis in Action: An Incident Response Walkthrough

Of particular value was a two-part interactive breakout session and engaging tabletop exercise led by Shawn Waldman, CEO and Founder, SecureCyber in simulating a real-world cyber incident. Attendees were asked to openly participate and consider "What would you do?"

The panel walked through initial responses and key decision points in managing a cyber crisis and demonstrated effective response strategies. Attendees gained deeper insights into mitigating risks, improving preparedness, and safeguarding organizational integrity during a cyber attack.

 

Meet the ETF Market Participants

This session focused on the critical roles that key ETF ecosystem participants play in the success of an ETF launch and long-term growth strategy. The discussion featured Trammel Robinson, Director, ETF Issuer Relations, ETF Global, Paul Weisbruch, Head of ETF Issuer Services, GTS, Greg Schmidt, Director of ETF Listings, CBOE, and Michael Prendergast, SVP, Senior ETF Product Specialist, Ultimus.

While innovation and product development are accelerating, the panel emphasized that successful ETFs are ultimately supported by a strong ecosystem of partners across trading, listings, operations, servicing, and distribution.

A major theme throughout the discussion was the importance of understanding how ETF liquidity is created and supported. Paul Weisbruch discussed the role of lead market makers from pre-launch through ongoing trading support, emphasizing that liquidity is often driven more by the underlying securities and ecosystem support than simply by trading volume on screen. Greg Schmidt highlighted how exchanges have evolved beyond simply being listing venues and now play a strategic role in supporting issuer visibility, education, branding, and capital markets connectivity. Michael Prendergast discussed how issuers are increasingly evaluating differentiated product structures, including ETF share classes and alternative investment strategies, while also stressing that many new entrants underestimate the importance of operational planning and distribution strategy early in the process.

The panel also explored the continued rise in ETF launches and whether capacity constraints are beginning to emerge across the ecosystem. Panelists noted that service providers are becoming increasingly selective in the products they support, with greater emphasis being placed on differentiation, distribution readiness, and long-term viability. One of the key takeaways from the session was that launching an ETF has become more accessible than ever before, but achieving scale and gathering assets remains highly competitive. Successful issuers today are those that not only bring innovative ideas to market, but also understand the importance of liquidity support, operational infrastructure, strategic partnerships, and thoughtful distribution planning from day one.

 

The Intermediary Landscape in a Shifting Distribution Environment

Led by Kevin Guerette, SVP OF Distribution, Ultimus and manager of the Ultimus Distribution Advantage Program, a panel of leading industry intermediaries from Fidelity, LPL, Charles Schwab, and Osaic Wealth shared their approach to engaging with diverse product structures, meeting platform inclusion requirements, and building strong manager firm relationships.

Besides explaining the basic elements of gaining access to these firms and their platforms, they also spent time discussing product usage, investment product trends they are seeing, and directionally where they think flows are heading into the balance of 2026 and beyond. This session offered practical strategies to position investment offerings for success in today’s competitive landscape.

 

Executing a Distribution Plan in a Multi-product Environment

Also led by Kevin Guerette, SVP of Distribution, Ultimus, this session brought together experienced client partners to share their expertise in distribution strategies. Focus was placed on the successful path each has been on, how they have deliberated to arrive where they are today, and how they are assessing where they need to be in the future.

Topics included product development decisions, leveraging technology, maximizing conference exposure, and implementing wholesaling, national accounts, and marketing best practices. A special focus was placed on distributing multiple product structures, such as mutual funds, ETFs, separate accounts, model delivery, and alternative funds. It provided practical and insightful guidance for dealing with the complexities of a multi-product environment.

 

Transforming the Future with AI

As the closing keynote, Henry Lindemann, Co-Founder and Chief Growth Officer, BlueFlameAI shared how to build a robust framework for innovation risk and effectively plan for constant change in the rapidly evolving AI era. The session provided strategies to stay ahead of the curve and harness AI's transformative potential in a fast-paced landscape.

After starting with explanations regarding the basics of LLMs and AI Assistants, along with the two types of AI – Generative and Agentic AI – and their different purposes, he explained that the AI Feature Arms Race is a dead end as AI capabilities are commoditizing. True institutional advantage comes from architecture.

What actually differentiates is: workflow integration embedded in how you actually work; data connectivity to your systems of record; institutional governance of security, compliance, audit trails; and continuous model optimization where you are always using the best AI for each task. No single model wins every task: the answer is multi-model routing.

He offered how Agentic AI is delivering a clear ROI and leading to increasing adoption:

• Customer service - 25% shorter call times, 60% fewer transfers.
• Sales agents - 10–30% conversion increases.
• Supply chain - 40% delay reduction via multi-agent workflows.
• Commerce - Visa, Mastercard, and PayPal launched agent-capable systems.
• Projected $5Trillion in AI-mediated global commerce by 2030.
• 40% of enterprise apps to embed agents by the end of 2026.

 

Conclusion

The Ultimus 2026 Client Summit provided an informative and insightful conference program that helped reinforce the massive nature and scope of the transformations occurring in the asset management industry. The Summit gave attendees a valuable perspective on the forces reshaping the industry, while also making clear that the lines between the registered and private fund spaces are increasingly converging, creating new opportunities, operational demands, and strategic considerations for asset managers moving forward.

More than a recap of trending topics, the Summit underscored a key takeaway: competitive differentiation will increasingly depend on how well firms align strategic vision with operational readiness, governance, and technology execution. Adaptation is no longer a response to change, but an ongoing business discipline.

With its every 18-month month cadence and breadth of issues addressed, the Ultimus Client Summit continues to establish itself as a meaningful industry gathering for asset managers and industry partners alike. Combining education, partnership, and practical insights, it is a worthwhile event for those who want to stay informed about the innovation and evolution in asset management.

For full disclosure, Ultimus is an Institute Founding Member, and I have always attended their events to stay informed and be in an optimal position to report on the evolution and innovation happening in the asset management industry.

 

Written by Bill Hortz, Founder & Dean, Institute for Innovation Development

The Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial advisors and financial services firms determined to lead their businesses in an operating environment of accelerating business and cultural change. We operate as a business innovation platform and educational resource with FinTech and Financial Services firm members to openly share their unique perspectives and activities. This interview is for informational purposes only. The goal is to build awareness and stimulate open thought leadership discussions on new or evolving industry approaches and thinking to facilitate next-generation growth, differentiation, and unique client/community engagement strategies. The Institute was launched with the support and foresight of our founding sponsors — Ultimus Fund Solutions, FLX Networks, ETF Global, TIFIN, Advisorpedia, Pershing, Fidelity, Voya Financial, and Charter Financial Publishing (publisher of Financial Advisor and Private Wealth magazines).

Institute for Innovation Development - www.innovationdevelopment.org - @innovationIID - IID©2026