UMB Launches Second Turnkey Registered Funds Solutions Platform as More Funds Choose Shared Services

Second registered funds platform will launch with Redwood Investment Management as first client

UMB Fund Services, Inc. (UMBFS), a subsidiary of UMB Financial Corporation (NASDAQ: UMBF), announced today the launch of its second turnkey Registered Fund Solutions (RFS) platform service for starting and operating unlisted closed-end funds. Redwood Real Estate Income Fund (ticker: CREMX) launched as the first fund on the new platform.

During 2022, even as financial markets struggled, UMB Fund Services experienced strong growth in its closed-end fund segment, adding $13.05 B of assets under administration, much of which was interval and tender-offer fund assets. At the end of 2022, the firm serviced 62 unlisted closed-end funds. Across all fund types, UMB serviced more than 2,000 funds with a total of more than $362 billion in assets under administration at year end.

“As our first RFS platform continued to grow, we knew we’d need a second, parallel platform to support demand,” said Maureen Quill, executive vice president and executive director, registered funds. “We’re seeing more and more managers choosing shared services as a long-term solution as they review economics—not only about service-provider costs but also with respect to their own time, such as working with fund boards. That’s as true for RFS as it is on the listed-fund side of our business with our Series Trust platform.”

The RFS platform provides the following benefits:

• Registration: Management of initial fund registration process and ongoing reporting
• Board: Establishment of fund board of directors, ongoing board coordination
• Vetted, experienced partners: CCO, fund counsel, board counsel, auditor
• Insurance: Obtaining E&O/D&O and fidelity bond insurance
• Compliance: Conducting anti-money laundering review

The platform will be overseen by a board of four directors, each with extensive experience in the financial services and legal industries. The directors are:

• Stacy Roode, independent director. Roode is a senior executive with almost 30 years of experience in the financial services industry, including deep risk and regulatory experience such as cybersecurity of shareholder systems.
• Steve Mace, independent director. Mace has over four decades of professional legal experience including positions as General Counsel at Midwest Holding, Dispute Resolution Arbitrator at FINRA and President of ACR Alpine Capital Research.
• Mike Fields, independent director. A former COO of an innovative alternative asset manager, Fields brings over 20 years of alternative investment experience across a myriad of strategies with underlying equity and fixed income securities.
• Amy Small, interested director. Small oversees Institutional Custody and Institutional Operations for UMB while leading strategic direction for custody, trust support, corporate trust and custody operations.

UMB Fund Services is a national leader in registered and alternative investment fund administration, providing a broad array of award-winning services for mutual funds and alternative investments. Our credentialed team helps clients navigate today’s asset-servicing challenges with innovative solutions for servicing your mutual fund, alternative fund, collective fund, registered closed-end fund or exchange-listed fund. UMB Fund Services offers fund accounting, administration, tax, investor services, transfer agency, custody, distribution and more. Learn why our outstanding service, leading-edge technology and the stability of a highly capitalized parent make us the right choice for you, at umb.com/fundservices.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB Bank, N.A. offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, and serves business and institutional clients nationwide. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn.

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