UMB Fund Services (UMBFS), a subsidiary of UMB Financial, has signed a definitive agreement to acquire the managed account solutions business of JP Morgan Worldwide Securities Services (WSS). The business provides back office and middle office services for retail managed accounts of asset managers.

According to UMBFS, the new line of business, which will be known as Managed Account Solutions, will service existing JP Morgan WSS managed account solutions clients and will be marketed across the US.

UMBFS plans to open offices in Boston, and Jersey City to accommodate associates who will be joining UMBFS from JP Morgan WSS.

John Zader, CEO of UMBFS, said: “We are excited about this acquisition because it gives UMBFS the ability to service the rapidly growing managed accounts segment of the marketplace, and 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.”