UMB Fund Services to Acquire the Boston-based Managed Account Solutions Business of J.P. Morgan Worldwide Securities Services
May 17 2010 - 6:49AM
Business Wire
UMB Fund Services, Inc. (UMBFS), a subsidiary of UMB Financial
Corporation (NASDAQ: UMBF), has signed a definitive agreement to
acquire the Managed Account Solutions business of J.P. Morgan
Worldwide Securities Services. The business provides back office
and middle office services for retail managed accounts of asset
managers. Financial terms of the deal were not disclosed.
The new line of business, which will be known as “Managed
Account Solutions” at UMBFS, will service existing J.P. Morgan
Worldwide Securities Services Managed Account Solutions clients and
also will be actively marketed across the United States. UMBFS will
open offices in Boston, Mass., and Jersey City, N.J., to
accommodate associates who will be joining UMBFS from J.P. Morgan
Worldwide Securities Services.
“We are excited about this acquisition because it gives UMBFS
the ability to service the rapidly growing managed accounts segment
of the marketplace, and are pleased to welcome the talented
workforce joining UMBFS and look forward to serving current and
future clients with the best talent in the business,” said John
Zader, chief executive officer of UMBFS. “Providing a suite of
managed account solutions gives UMBFS clients even more of a
'one-stop shop' experience and will further enhance our brand and
sales message while giving us another way to broaden and deepen
relationships with our clients and prospects.”
The deal is expected to close June 30, 2010.
About UMB Fund Services
Headquartered in Milwaukee, Wis., UMB Fund Services offers a
complete line of products and services to the fund industry,
including administration and fund accounting, investor services and
transfer agency, marketing and distribution, custody, cash
management, alternative investment services through JD Clark &
Co., and managed account services. It currently serves more than
165 clients with combined assets of more than $167 billion. UMB
Financial Corporation, the parent company of UMBFS, is a $10
billion financial services holding company headquartered in Kansas
City, Mo.
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