A subsidiary of UMB Bank's holding company has agreed to acquire the managed account solutions business of J.P. Morgan Worldwide Securities Services.
Terms of the transaction, announced today, were not disclosed.
UMB Fund Services will acquire the business, which it said provides back office and middle office services for retail managed accounts of asset managers. UMB Fund Services said it will open offices in Boston and Jersey City, N.J., as part of the acquisition.
The deal is expected to close June 30.