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Administration October 5, 2004
UMB Sells EB Biz to M&I Trust
May 22, 2003 (PLANSPONSOR.com) - UMB Bank, n.a. has
signed a definitive agreement to sell its employee benefits
business, including defined contribution, defined benefit,
Taft-Hartley, and Flexible Spending accounts, to Marshall
& Ilsley Trust Company, n.a.
Reported by Nevin E. Adams
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.