In an effort to expand its wealth management business, UMB Financial Corp. announced Wednesday it signed a definitive agreement to buy Prairie Capital Management LLC, an independent asset management and wealth management firm in based in Kansas City, Mo.
Prairie, which has offices in Kansas City, Denver, Chicago and Philadelphia, operates a national asset and wealth management business that serves high net worth private clients, family offices, trusts, foundations and endowments, corporations and plan sponsors. It uses a multi-manager approach on an open architecture platform.
Clyde Wendel, a vice chairman at UMB, said the deal indicates UMB’s “strategic focus to invest in and grow our wealth management business.”
"The independent investment manager structure offered by Prairie will provide qualified UMB clients an exciting and innovative range of new professional services,” he said in a press release. “Prairie has extensive experience advising clients as they invest with managers across all asset classes, and also provides unique access to many leading global investment managers."
The price of the deal, which is expected to close July 30, was not disclosed. When it is completed, Prairie will operate as an independent division of UMB.
"UMB identified Prairie's unique range of high net worth and institutional services, the expertise the firm brings to investing in multiple asset classes in a complex environment, and the overall quality of the firm's professional team," Peter deSilva, UMB’s president and chief operating officer, said in a press relase.
UMB, which is also based in Kansas City, own and operate 135 bank branches in Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona.
The company has been acquisitive in the past year. In May, UMB Fund Services, its Milwaukee based fund unit, signed a deal to acquire the managed accounts solutions business of J.P. Morgan Worldwide Securities Services.