UMB will continue to service its investment management clients and manage assets in the transferred defined benefit and Taft-Hartley plans.
The transition will take place over the next several months.
“Our decision to sell the employee benefit business to M&I will allow us to focus on our core product offerings,” said R. Crosby Kemper III, chairman and CEO of UMB. Those businesses include:
- retail and commercial banking,
- mutual fund administration, and
- investment management business.
UMB Bank is a wholly owned subsidiary of UMB Financial Corporation, an $8 billion holding company headquartered in Kansas City, Missouri.
UMB Trust & Wealth Management group has custody of more than $97 billion in assets and is responsible for $11.7 billion in trust and investment counsel assets under management, according to the firm.