UMB Fund Services has signed a deal to acquire the managed accounts solutions business of J.P. Morgan Worldwide Securities Services.
The acquisition will allow UMB Fund Services, a Milwaukee-based subsidiary of UMB Financial Corporation, to expand its line of managed accounts solutions and provide back- and middle-office services for asset managers' retail managed accounts. Financial terms of the deal were not disclosed.
“We are excited about this acquisition because it gives UMBFS the ability to service the rapidly growing managed accounts segment of the marketplace,” said John Zader, chief executive officer of UMBFS. “We 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. 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.”
UMBFS is opening offices in Boston and Jersey City, N.J. to accommodate associates joining from J.P. Morgan Worldwide Securities Services. The new line will continue to service existing J.P. Morgan clients and will be actively marketed across the U.S.
The deal is expected to close on June 30.