ADDING and REPLACING UMB Fund Services Acquires J.D. Clark & Co., Inc.
May 08 2009 - 10:45AM
Business Wire
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The corrected release reads:
UMB FUND SERVICES ACQUIRES J.D.
CLARK & CO., INC.
Combines Strengths of Two Firms
UMB Fund Services, Inc. (UMBFS), a subsidiary of UMB Financial
Corporation (NASDAQ:UMBF), has signed a definitive agreement to
purchase J.D. Clark & Co., Inc., a privately held, third-party
fund service provider to alternative investments firms in an
all-cash deal.
J.D. Clark, with $18.5 billion in assets under administration,
will operate as a wholly-owned division of UMB Fund Services, a UMB
subsidiary that provides all aspects of mutual fund and alternative
investments services. J.D. Clark will retain its name and continue
operations from its headquarters in Ogden, Utah. Jeffrey D. Clark,
who in 1991 founded the accounting and advisory firm serving the
hedge fund industry, will remain chief executive officer for the
company, which employs about 60 people.
�UMB has a history of commitment to growing our fee-based
business and this acquisition of J.D. Clark gives us an opportunity
to do just that,� said Peter deSilva, chairman, UMB Fund Services
and president and chief operating officer of UMB Financial Corp.
�Now is the time to make investments in companies that build on our
strength and stability as an organization. UMB has a strong balance
sheet and has been actively looking for the right acquisition in
the alternative investments space, and by combining our businesses,
we will be in the top quartile of service providers to alternative
investments in the U.S.�
Both UMB Fund Services and J.D. Clark have established strong
reputations for providing complete back office solutions to the
mutual fund and alternative investments industries.
�The acquisition of J.D. Clark demonstrates our continued
commitment to grow our fund servicing capabilities,� said John
Zader, CEO, UMB Fund Services. �J.D. Clark has an excellent
reputation in the marketplace. Our firms have complimentary
strengths and cultures. This acquisition will enhance the ability
of both firms to provide best-in-class technology and servicing
capabilities to the alternative investments industry.�
�We are excited to join the UMB family as a part of UMB Fund
Services,� said Jeff Clark, CEO of J.D. Clark & Co., Inc. �Over
the years, JD Clark has built a strong brand in the alternative
investments industry, by providing high-end services and access to
proprietary technology available only through J.D. Clark. But in
today�s marketplace, and given the economic and regulatory
pressures that alternative investment firms are facing, we believe
it was important to align with an organization that has a strong
culture of integrity and ethics, and a strong balance sheet.
�UMB is the perfect fit for us in that regard. UMB Fund Services
is a strong contributor to the financial success of UMB, and shares
our vision of the future, along with our culture,� Clark said. �The
combined strengths of our firms will provide the marketplace with a
world class service provider that can help them navigate these
tough economic times well into the future.�
About UMB Fund Services, Inc.
UMB Fund Services, Inc. offers a complete line of products and
services to the fund industry including administration and fund
accounting, alternative investment services, investor services and
transfer agency, marketing and distribution. UMB Financial
Corporation (NASDAQ: UMBF), the parent company of UMBFS, is an $11
billion financial services holding company headquartered in Kansas
City, Mo.
About UMB:
UMB Financial Corporation (NASDAQ:UMBF) is a financial services
holding company headquartered in Kansas City, Missouri, offering
complete banking, asset management, health spending solutions and
related financial services to both individual and business
customers nationwide. Its banking subsidiaries own and operate 138
banking centers throughout Missouri, Illinois, Colorado, Kansas,
Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company
and the lead bank, UMB Bank, n.a., include a fund services group
based in Milwaukee, Wisconsin, single-purpose companies that deal
with brokerage services and insurance, and a registered investment
advisor that manages the company's proprietary mutual funds.
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