UMB Bank Selected as Custodian for Texas CLASS Local Government Investment Pool
KANSAS CITY, Mo.–(BUSINESS WIRE)–UMB Bank, n.a., a subsidiary of UMB Financial Corporation (Nasdaq: UMBF), today announces it has been selected to serve as custodian for the Texas Cooperative Liquid Assets Securities System Trust (Texas CLASS), a local government investment pool established in 1996 that is available to all Texas municipalities, counties, school districts, authorities, and local government entities.
UMB will provide customized custody solutions for Texas CLASS. Public Trust Advisors serves as the Program Administrator for Texas CLASS. Founded in 2011, Public Trust is an independent investment advisor that specializes in managing and servicing the investment needs of local governments across the United States. With the selection of UMB, the bank’s relationship with Public Trust continues to expand as the firm also works with UMB’s Corporate Trust division.
“We are excited to work with Public Trust and implement a custody solution for the Texas CLASS,” said Amy Small, SVP, Director of Institutional Custody at UMB. “Our efforts showcase UMB’s commitment to client service through our integrated banking capabilities, including corporate trust and commercial banking solutions.”
UMB’s appointment as custodian continues the custody business’ rapid growth, especially in the government sector. As of Sept. 30, 2021, more than 25% of UMB’s assets under custody are in the government space. Overall, since the beginning of 2021, UMB has increased its custody client portfolio by more than 12% and assets under custody (AUC) by more than 40%, while surpassing $150 billion in AUC—representing a 150% increase since 2018.
As one of the nation’s leading custodians, UMB is a trusted partner to safeguard and service domestic and global assets. UMB provides high-touch client service and offers straight-through transaction processing, deep investments in technology, robust security designed to accommodate the data requirements of complex holdings, online portal capabilities, and cash management services to support clients’ needs.
About Public Trust Advisors:
Public Trust Advisors, LLC (Public Trust) is an investment advisory firm based in Denver, Colorado that provides investment management services for the public sector including the management of local government investment pools and separately managed accounts. Public Trust offers public sector clients high-quality, cost-efficient investment management services that rely on market experience and proven processes. With coverage spanning the nation, Public Trust works closely with thousands of local governments to develop and implement comprehensive and highly communicative investment strategies that best meet our clients’ needs. For more information, please visit our website at www.publictrustadvisors.com and follow us on LinkedIn.
This press release is for informational purposes only and should not be considered a solicitation of investment advisory services. All comments and discussion presented are purely based on opinion and assumptions, not fact. These assumptions may or may not be correct based on foreseen and unforeseen events.
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB 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, or follow us on Twitter at @UMBBank. For information about UMB’s operations, approach and relief measures during the COVID-19 pandemic, please visit umb.com/COVID-19.
Contacts
Kaele Palmer, 202.276.2471
[email protected]
