UMB Bank sold most of its defined contribution, defined benefit and Taft-Hartley plan business to Marshall & Ilsley, said Bridget Hess, UMB corporate communications specialist. Terms were not disclosed.
UMB will continue to manage some defined benefit and Taft-Hartley plan assets, but not the defined contribution plans, Ms. Hess said. UMB Bank is record keeper for $4.9 billion in defined contribution assets, according to Pensions & Investments’ defined contribution record keeper survey. Overall, UMB Investment Advisors internally managed $7.5 billion in U.S. institutional, tax-exempt assets, as of Dec. 31, according to P&I.
UMB Bank executives will not know how many of its 200 benefits division employees, including the division executives, will ultimately lose their jobs until the transition to M&I is completed, which is expected by January, she said.