Scout Investment Advisors, a subsidiary of UMB Financial, has signed an agreement to acquire substantially all of the assets of Reams Asset Management Company.

Following the close of the acquisition, Reams will operate as a division of Scout Investment Advisors and remain headquartered in Columbus, Indiana.

The firm’s leadership team will continue to manage the business in their current roles and lead the business strategy for Scout in the fixed-income sector.

The transaction is expected to close in the fourth quarter of 2010 and is expected to more than double Scout’s existing assets under management.

UMB Financial president and chief operating officer Peter deSilva said that fixed-income represents a key strategic growth area in the institutional asset management business. The addition of Reams Asset Management and their expertise in the fixed-income sector complements Scout’s existing product offerings and allows his company to offer clients a diversified array of top-tier investment options.