UMB Financial Finalizes Takeover Of Wealth Manager

Vanessa Doctor

7 July 2010

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.