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

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.

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

“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.

«