UMB Financial Corporation of Kansas City, Mo. signed a letter of intent last week to acquire Sunstone Financial Group of Milwaukee, Wis. for an undisclosed amount, according to Mim Allison, president and CEO of Sunstone.

The acquisition is significant in that the two companies will combine their mutual fund processing operations and will incorporate all aspects of their mutual fund businesses, including custody, cash management, transfer agency, administration, fund accounting, underwriting, distribution, marketing and shareholder communications, according to Sunstone. It will be the first time custody and distribution services will be offered by one company, according to Sunstone.

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