Monday, 26 September 2016
Last updated 5 hours ago
May 14 2009 | 8:48am ET
UMB Fund Services, a subsidiary of UMB Financial Corporation, has agreed to buy J.D. Clark & Co., a privately-held, third-party fund service provider to alternative investments firms 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 mutual fund and alternative investments services. J.D. Clark will retain its name and continue operations from its headquarters in Ogden, Utah. Founder Jeffrey Clark will remain CEO.
“UMB has a history of commitment to growing our fee-based business and this acquisition of J.D. Clark gives us an opportunity to do just that,” said Peter deSilva, president and chief operating officer of UMB Financial Corp. “Now is the time to make investments in companies that build on our strength and stability as an organization. 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.”
Publicly traded UMB Financial Corporation, the parent company of UMBFS, is an $11 billion financial services holding company headquartered in Kansas City, Mo.