Monday, 28 July 2014
Last updated 53 min ago
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.”
Jul 8 2014 | 10:48am ET
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