Business & Finance
Business and Finance
Business and Finance
Wed, July 21, 2010 UMB Fund Services Completes Acquisition of Managed Account Solutions Business of J.P. Morgan Worldwide Securities Services
MILWAUKEE--([ BUSINESS WIRE ])--UMB Fund Services, Inc. (UMBFS), a subsidiary of UMB Financial Corporation (NASDAQ: UMBF), announced today it has completed its acquisition of the Managed Account Solutions business of J.P. Morgan Worldwide Securities Services. The business provides middle- and back-office services for retail managed accounts of asset managers. Financial terms of the deal were not disclosed.
"This acquisition represents a strategic extension to the strong set of middle- and back-office solutions provided by UMBFS today"
The new line of business, known as Managed Account Solutions (MAS) at UMBFS, services several clients previously held by J.P. Morgan Worldwide Securities Services. The new service is now being actively marketed across the United States by UMBFS, which opened offices in Boston, Mass., and Jersey City, N.J., to accommodate associates who joined UMBFS from J.P. Morgan.
aNow that this acquisition is complete and we are servicing our new managed account clients, we are excited about the possibilities that lie ahead for this business,a said John Zader, chief executive officer of UMBFS. aManaged accounts represent a rapidly growing line of business for many asset managers and sponsor programs. Providing a world-class suite of managed account solutions gives UMBFS a unique advantage in the marketplace as asset managers, sponsors, and overlay managers look for opportunities to enhance their businesses with outsourced middle- and back-office solutions.a
aThis acquisition represents a strategic extension to the strong set of middle- and back-office solutions provided by UMBFS today,a said John Lunny, chief executive officer of Vestmark. aThe MAS team has built a highly efficient outsourcing solution on the Vestmark platform, and we look forward to continuing this partnership and the executive support of UMBFS.a
In this new line of business, two former J.P. Morgan Worldwide Securities Services associates will take on key business development roles. Scot Knight, senior vice president, will report to Zader as director of the MAS group. The UMBFS business development team, led by Executive Vice President Lonnie Macdonald, will work with Knight to market MAS to UMBFS clients and prospects. In addition, industry veteran Steve Smith will join the business development team as senior vice president, reporting to Macdonald.
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 financial services holding company with more than $11.6 billion in banking assets, headquartered in Kansas City, Mo.
