UMB Financial has signed a definitive agreement for the acquisition of Prairie Capital Management, an asset management and wealth management firm based in Kansas City, Missouri.
The transaction is expected to close on 30 July 2010.
Prairie, with offices in Kansas City, Denver, Chicago and Philadelphia, operates a national asset and wealth management practice serving a diverse client base including high net worth private clients, family offices, trusts, foundations and endowments, corporations and plan sponsors.
The Prairie team provides investment advice using a multi-manager approach on an open architecture platform.
"The addition of Prairie Capital Management reflects UMB’s strategic focus to invest in and grow our wealth management business," says Clyde Wendel, vice chairman, UMB Bank. "The independent investment manager structure offered by Prairie will provide qualified UMB clients an exciting and innovative range of new professional services. 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."
Following the deal close, Prairie will operate as an independent division in the UMB organisation. The firm’s founders and leadership team will continue to manage the business in their current roles.
Berkshire Capital served as exclusive financial adviser to UMB on the transaction.