UMB Fund Services Acquires Hedge Fund Administrator

May 8 2009 | 11:24am ET

UMB Fund Services has agreed to buy fellow hedge fund administrator J.D. Clark & Co. in an all-cash deal.

J.D. Clark, with $18.5 billion in assets under administration, will operate as a wholly-owned division of UMB Fund Services, which provides a wide range of mutual fund and alternative investments services. J.D. Clark will retain its name and continue operations from its headquarters in Ogden, Utah.

Jeffrey Clark, who founded the eponymous firm in 1991, will remain chief executive officer for the company, which employs about 60 people.

"UMB has a strong balance sheet and has been actively looking for the right acquisition in the alternative investments space, and by combining our businesses, we will be in the top quartile of service providers to alternative investments in the U.S.,” said Peter deSilva, chairman of UMB Fund Services and president and chief operating officer of UMB Financial Corp.

"The acquisition of J.D. Clark demonstrates our continued commitment to grow our fund servicing capabilities,” said John Zader, CEO, UMB Fund Services. "J.D. Clark has an excellent reputation in the marketplace. Our firms have complimentary strengths and cultures. This acquisition will enhance the ability of both firms to provide best-in-class technology and servicing capabilities to the alternative investments industry.”


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR