UMB Fund Services (UMBFS), a subsidiary of UMB Financial, has completed the acquisition of the managed account solutions business of JP Morgan Worldwide Securities Services. The business provides middle- and back-office services for retail managed accounts of asset managers.
The new line of business is known as Managed Account Solutions (MAS) at UMBFS. It will provide services to clients previously held by JP Morgan Worldwide Securities Services.
The new service is now being marketed across the US by UMBFS, which opened offices in Boston, Massachusetts, and Jersey City, to accommodate associates who joined UMBFS from JP Morgan.
In this new line of business, two former JP Morgan Worldwide Securities Services associates will take on key business development roles. Scot Knight, senior vice president, will report to John Zader, CEO of UMBFS, as director of the MAS group.
The UMBFS business development team, led by executive vice president Lonnie Macdonald, will work with Mr Knight to market MAS to UMBFS clients and prospects.
Mr Zader said: “Now 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. Managed 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.”