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UMB Fund Services Launches Second Registered Fund Solutions Platform

UMB Fund Services Inc., a subsidiary of UMB Financial Corporation (NASDAQ: UMBF), announced the launch of its second “turnkey registered fund solutions platform service” for starting and operating unlisted closed-end funds.

According to UMB, Redwood Real Estate Income Fund launched as the first fund on the new platform.

During 2022, UMB Fund Services says it experienced strong growth in its closed-end fund segment even as financial markets struggled, adding $13.05 billion of assets under administration, much of which was interval and tender-offer fund assets. At the end of 2022, the firm serviced 62 unlisted closed-end funds. Across all fund types, UMB serviced more than 2,000 funds with a total of more than $362 billion in assets under administration at year end.

“As our first [registered fund solutions] platform continued to grow, we knew we’d need a second, parallel platform to support demand,” said Maureen Quill, executive vice president and executive director, registered funds. “We’re seeing more and more managers choosing shared services as a long-term solution as they review economics—not only about service-provider costs but also with respect to their own time, such as working with fund boards. That’s as true for RFS as it is on the listed-fund side of our business with our Series Trust platform.”

UMB’s registered fund solutions platform provides the management of initial fund registration process and ongoing reporting, establishment of fund board of directors, ongoing board coordination, experienced partners, obtaining errors and omissions insurance, directors and officer insurance and fidelity bond insurance. UMB says the platform also conducts anti-money laundering review and says the platform will be overseen by a board of four directors, each with experience in the financial services and legal industries.

The platform is overseen by a four-member board of directors that includes Stacy Roode, Steve Mace, Mike Fields, and Amy Small.

UMB Fund Services provides an array of services for mutual funds and alternative investments. The company offers fund accounting, administration, tax, investor services, transfer agency, custody, distribution and more.

UMB Financial Corporation is a financial services company headquartered in Kansas City, Missouri. It offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas.

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