It is offered through a partnership between UMBFS and Mutual Fund Administration Corp, a California-based firm specialising in multiple-series trust administration.
UMB Financial Corp (NASDAQ: UMBF), the parent company of UMBFS, is a financial services holding company with more than USD 14.9bn in banking assets, headquartered in Kansas City, Mo.
Lonnie Macdonald has transitioned out of his role as head of business development for UMBFS in order to focus on other responsibilities within the organization.
Macdonald will continue to serve as head of marketing for UMBFS and as president of the company's alternative investment servicing division, JD Clark & company.
Tony Fischer, senior vice president, has taken over as head of business development for UMBFS. Since joining the business development team in February 2008, he has been a top producer covering opportunities in the eastern US He brings extensive experience in sales and other management positions with a number of companies, including SEI Investments and BISYS Fund Services.
The business, which offers back office and middle office services to asset managers, will open offices in Boston and Jersey City, UMBFS said in a statement on Monday.
The acquisition will enable UMBFS to service the fast-growing managed accounts segment on the market, John Zader, chief executive of UMBFS, said commenting on the deal.