Scout will pay Reams an initial cash payment of about $42 million, according to a filing with the SEC by Scout parent UMB Financial.
Reams also will be entitled to additional compensation based on performance, according to the filing.
Reams, with $9.8 billion in assets under management, will operate as a division of Scout Investment, according to a Scout news release. Scout has $9 billion in assets under management.
“We are committed to growing Scout Investment Advisors and see the Reams acquisition as a good complement to our strong equity offerings,” Peter deSilva, president and COO of Scout parent UMB Financial, said in a telephone interview.
A Reams spokesman declined to comment.
The transaction is scheduled to close on Nov. 30.
Data Editor Aaron Cunningham contributed to this report.