Huntington Bancshares in Columbus, Ohio, has agreed to sell its fund-servicing business, Huntington Asset Services, to Ultimus Fund Solutions, a provider of back-office and other services for small and midsize advisers.

Financial terms of the deal, which is expected to close by Dec. 31, were not disclosed.

Ultimus, based in Cincinnati, will open offices in Columbus and Indianapolis to accommodate the acquired business.

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