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UMB Financial Finalizes Takeover Of Wealth Manager
UMB Financial Corporation has finalized its takeover proposal
for asset and wealth management firm Prairie Capital
Management.
Prairie has offices in Kansas City, Denver, Chicago and
Philadelphia, and services high net worth private clients,
private offices, trusts, foundations and endowments, corporations
and plan sponsors. After the scheduled completion in 30 July, the
company will operate as an independent unit within UMB. Its
founders and executive team will continue on with their present
roles.
The transaction was reported by this publication at the start of
the month.
"The addition of Prairie Capital Management reflects UMB's
strategic focus to invest in and grow our wealth management
business," said
Clyde Wendel, the vice chairman of UMB Bank. "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."
UMB is based in Kansas and operates 135 banking centers across
the US.