UMB Fund Services Endorses ILPA Best Practice Principles and Reporting Templates
October 18 2017 - 09:30AM
Business Wire
UMB Fund Services (UMB) has endorsed the Institutional Limited
Partners Association’s (ILPA) best practice principles and
reporting templates for the private equity space. The principles
and templates help promote reporting consistency and transparency
for limited partners. UMB is among a select group of fund
administrators to endorse the ILPA reporting standards.
“Implementing these new template standards and best practices
will aid in furthering standardized reporting processes for limited
partners and ultimately providing the transparency many private
equity investors are now desiring,” said Maureen Quill, Chief
Operating Officer at UMB Fund Services.
UMB’s proprietary accounting system, FastPro, is being
programmed for ILPA template reports by UMB’s internal developers.
Investor statement programming is under way, while capital call and
distribution notices are already available.
“We commend the efforts of UMB to support the private equity
industry’s need for standardization and transparency,” said
Jennifer Choi, Managing Director of ILPA. “As more LPs and GPs
adopt the template, there will be a greater call for solutions,
such as FastPro, that help streamline implementation. We look
forward to the development of the platform.”
With more than 400 member institutions representing over US$1
trillion of private equity assets under management, ILPA is the
only global organization dedicated exclusively to advancing the
interests of LPs and their beneficiaries through best-in-class
education, research, advocacy and networking.
About UMB Fund Services
UMB Fund Services, headquartered in Milwaukee, Wis., offers a
complete line of products and services to the fund industry,
including administration, fund accounting, distribution*, investor
services and transfer agency, and alternative investment services;
custody services through UMB Bank, n.a.; and turnkey solutions
including series trust, collective trust, and registered
alternative investment services. It serves more than 200 clients
with combined assets of more than $200 billion as of June 30, 2017.
For the past eight years, the company has been named one of the top
midsize employers in southeastern Wisconsin by the Milwaukee
Journal Sentinel. UMB Financial Corporation (Nasdaq: UMBF), the
parent company of UMBFS, is a financial services holding company
with more than $20 billion in banking assets as of June 30, 2017,
headquartered in Kansas City, Mo.
*Statutory underwriter and distribution services provided by UMB
Distribution Services, LLC.
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version on businesswire.com: http://www.businesswire.com/news/home/20171018005480/en/
for UMB Financial CorporationKristin Kovach,
816.423.6131kkovach@crossroads.us
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