New York-based Castlemaine has chosen to launch five new liquid alternatives funds through the Ultimus Managers Trust (UMT) platform, the firm’s series trust offering.
Castlemaine was formed by Colm O’Shea, the founding partner of London-based hedge fund manager COMAC Capital LLP, specifically to start a liquid alts business in the US Castlemaine will receive a full suite of fund administration services as part of UMT and leverage Ultimus’ expertise as it begins to execute its growth strategy in the US This is the latest in a series of wins for Ultimus as many hedge fund and private account managers seek to grow through the launch of mutual funds.
As part of the relationship, Ultimus will provide fund administration services that include fund accounting, administration, distribution strategy, product design and transfer agent and shareholder services. Castlemaine plans to launch its five funds immediately, but won’t actively distribute them through the first few years as they build a track record for future retail performance. The firm highlighted Ultimus’ deep expertise in the mutual fund environment as one of the primary drivers of the relationship, as Castlemaine makes its first foray into the US market.
“We were able to help Castlemaine deal with an unfamiliar and unique situation, starting multiple funds in the US with an eye towards a long-term track record and future growth instead of immediate asset gathering,” says Dave Carson, President of Ultimus Managers Trust. “This method of starting a mutual fund is an evolving trend for hedge fund managers looking to increase their distribution, and we’re proud to be on the front lines. Castlemaine is primed for long-term, successful growth and we’ll be with them every step of the way.”
“This is new territory for us and we’re grateful to have a partner like Ultimus that knows the industry and can help us streamline our processes for these funds,” says Alfredo Viegas, Chief Investment Officer at Castlemaine. “We know that starting five funds at once is an ambitious undertaking, but Ultimus has boosted our confidence with top notch service and expertise. We’re excited to see how these funds can perform and grow over the next few years and beyond.”
