Ultimus Fund Solutions Strengthens Leadership Team
By Dominic Sow · 9 September 2025
Ultimus Fund Solutions® (“Ultimus” or the “Company”), a leading independent provider of innovative fund servicing solutions, announced the appointments of industry veterans John Lehner as President, Ultimus Public Fund Solutions, and Jay Martin as President, Ultimus Private Fund Solutions. In conjunction with the new hires, Jim Cass will transition to Vice Chairman of Ultimus, having previously served as President, Ultimus Private Fund Solutions. All three roles report to CEO Gary Tenkman.
The new leadership structure reflects Ultimus' commitment to scaling its operations to meet growing client demand. Ultimus is proud to be a privately-owned, independent fund administrator with scale across all investment vehicles—both public and private—and a top-tier retail alternatives administrator. This positions Ultimus well to serve as a value-added partner to managers looking to launch new funds, including innovating private market solutions for a broader range of investor types.
- In the newly created position of President, Ultimus Public Fund Solutions, John Lehner will be responsible for spearheading the growth of the registered fund administration segment, encompassing retail alternatives, exchange-traded funds, mutual funds, 529 plans, local government investment pools (LGIPs), and middle office solutions, among others.
- As President, Ultimus Private Fund Solutions, Jay Martin will be responsible for overall operations, client satisfaction, and new business growth strategies in the private fund segment.
- In his new role as Vice Chairman, Jim Cass will remain actively involved in go-to-market activities, strategic initiatives, and key client relationships, ensuring Ultimus’ continued innovation and industry leadership.
Furthermore, the enhanced leadership structure will enable Tenkman to devote more time to the firm’s strategic initiatives, engaging with key clients and prospects, and developing industry partnerships.
Tenkman expressed his enthusiasm for Lehner and Martin joining the Ultimus team, stating, “We’re thrilled to welcome John and Jay to Ultimus. These powerhouse hires bring extensive experience, leadership in driving innovation and operational excellence, and strategic focus, which perfectly align with our goals and demonstrate our position as a top-tier administrator. Both John and Jay had many opportunities--but chose Ultimus because of the tremendous momentum we have built and our proven ability to deliver outstanding results. With them on board, we are well-positioned to continue delivering exceptional outcomes for clients, and driving the scaling our business.”
“Joining Ultimus is an exciting opportunity,” Lehner said. “The company’s proven ability to deliver innovative, client-focused solutions has distinguished it as the administrator of choice for investment managers. I’m eager to build on this momentum, leveraging our team’s exceptional talent to scale operations, explore new market opportunities, and continue to deliver unparalleled service to our clients.”
“I look forward to working with Gary and the entire executive team as we continue to evolve Ultimus’ comprehensive offering, with a focus on providing market-leading service to clients of all sizes,” Martin added.
Over the past five years, Ultimus has completed an impressive 100 fund family conversions in the public and private segments, cementing its reputation as a leader in the fund administration industry. The company also brings extensive experience in supporting managers looking to launch new funds or expand their product line-ups, providing comprehensive guidance throughout the entire process. With investments in cutting-edge technology, experienced professionals, and a focus on its consultative approach and boutique service culture, Ultimus is well-positioned to continue its growth trajectory across both private and public fund administration segments. This new leadership structure at Ultimus will play a vital role in accelerating the firm’s momentum while ensuring exceptional client service delivery, operational efficiency, and scalability.
Biographies
John Lehner, President, Ultimus Public Fund Solutions
Lehner brings over 20 years of transformational executive leadership experience in investment management and technology-driven financial services. He is widely recognized for his ability to achieve sustainable growth and his innovative approach to client success. Most recently, as President of FundGuard, an AI-driven SaaS platform, he successfully implemented revenue-driving initiatives, established key partnerships, and secured notable funding rounds. His prior leadership roles at State Street and BNY Mellon Technology Solutions showcased his ability to scale global operations with a focus on driving growth, future-ready technology, and customer-centric strategies.
Jay Martin, President, Ultimus Private Fund Solutions
Martin has nearly four decades of experience in financial services, with expertise in large and complex sales opportunities, comprehensive client implementations, and global transformation efforts. Most recently, he served as President, Investment Services for U.S. Bank, where he spearheaded large-scale strategic growth initiatives and drove results. Previously, he held senior operations and sales roles at Citco Fund Services (USA), Citi, JPMorgan Chase & Co., and BNY Mellon. Companies in this story: Ultimus Fund Solutions
People in this story: John Lehner, Jay Martin