Ultimus Appoints Pair to Helm Both Public, Private Fund Solutions
Ultimus Fund Solutions, an independent provider of innovative fund servicing solutions, announced the appointments of industry veterans John Lehner as president for Ultimus Public Fund Solutions, and Jay Martin as president for Ultimus Private Fund Solutions.
In conjunction with the new hires, Jim Cass will transition to vice chairman of Ultimus, having previously served as president of Ultimus Private Fund Solutions. All three roles report to Gary Tenkman, chief executive officer.
Over the past five years, according to Ultimus, it has completed 100 fund family conversions in the public and private segments. The new leadership structure reflects its commitment to further scaling its operations to meet growing client demand. As an independent fund administrator with reach across both public and private investment vehicles and as a retail alternatives administrator, the appointments position Ultimus 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, 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, or LGIPs, and middle-office solutions, among others.
“Joining Ultimus is an exciting opportunity,” said Lehner. “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.”
Lehner brings over 20 years of transformational executive leadership experience in investment management and technology-driven financial services. From 2021 and 2025, as president of FundGuard, an AI-driven SaaS platform, Ultimus said Lehner implemented revenue-driving initiatives, established key partnerships, and secured notable funding rounds. Lehner has also held leadership roles at State Street from 2016 to 2021, and BNY Mellon Technology Solutions for more than 16 years.
As president, Ultimus Private Fund Solutions, Martin will be responsible for overall operations, client satisfaction, and new business growth strategies in the private fund segment.
“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,” said Martin.
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 held leadership roles at U.S. Bank from 2023 to 2025, where he spearheaded large-scale strategic growth initiatives. Previously, he held senior operations and sales roles at Citco Fund Services (USA) from 2019 to 2023, Citi for nearly nine years, JPMorgan Chase & Co., and BNY Mellon.
In his new role as vice chairman, Cass will remain actively involved in go-to-market activities, strategic initiatives and key client relationships, ensuring Ultimus’ continued innovation and industry leadership.
Tenkman said the enhanced leadership structure will allow him to devote more time to company strategy – engaging with key clients and prospects, and developing industry partnerships.
Tenkman expressed his enthusiasm for Lehner and Martin joining the Ultimus team.
“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.”
Over the summer, Ultimus appointed Nicholas Ablahani as managing director, head of retail alternative administration product. Earlier this year, Ultimus appointed Terry Connors as executive vice president, fund services. Connors brought more than 27 years of experience in financial services to the team.
Headquartered in Cincinnati, Ultimus employs more than 1,100 seasoned professionals, servicing over 2,300 total traditional and alternative funds with more than $725 billion in assets under administration.
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