As UMB Fund Services
shifts under new chief Maureen Quill
, former chief Tony Fischer
is looking to expand his new team.
, president of institutional banking at Kansas City, Missouri-based UMB Bank, confirmed
earlier this month that Quill took over as president of UMBFS and that Fischer took on a new role as executive director of national sales for institutional banking and asset servicing. Meanwhile, last month UMBFS shifted under Cornelius' institutional banking division, so Fischer and Quill now report to Cornelius. (Previously UMBFS' chief reported directly to Mariner Kemper
, chairman and of all of UMB.)
Quill, a 22-year UMBFS veteran who most recently served as chief operating officer of the unit, calls the shift "nothing but positive" for the UMBFS team.
"It's the same people, same focus on our clients, same focus on the market. Nothing's changing that way," Quill tells MFWire
. "[UMBFS will have] more alignment under the bank to make sure that we're getting all the attention that we need within the organization."
UMB's institutional banking division now has about 670 employees, including more than 450 in UMBFS. UMBFS supports more than 220 clients and had $206.3 billion in assets under administration as of December 31, 2017.
Fischer, who joined UMBFS in 2008 and rose to president in 2014, calls the shift "kind of a no-brainer" for the fund services shop by connecting it with services like "corporate trust, custody, ... payment and sweep products, eschrow, disbursement services, bond underwriting," and more.
"We're all pretty excited about this new direction," Fischer says. "We already share certain clients today ... Across the board there's going to be opportunities to leverage some of the institutional banking services with our asset management clients."
Fischer now leads an 11-person business development team for all of institutional banking, including UMBFS.
"Our plan is to expand and build out the team on both sides," Fischer says.
At UMBFS, Quill sees "rapid product evolution within the industry right now," with more focus on ETFs, interval funds, liquid alternatives, and private equity. And of course traditional open-end mutual funds continue to be a core area of UMBFS' business.
"We've got a lot in the hopper," Quill says. "I'm looking forward to continuing to evolve with our clients and the industry and seeing what the future brings."
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