J.D. Clark, with USD18.5bn in assets under administration, will operate as a wholly-owned division of UMB Fund Services, a UMB subsidiary that provides all aspects of mutual fund and alternative investments services.  

J.D. Clark will retain its name and continue operations from its headquarters in Ogden, Utah. Jeffrey D. Clark, who in 1991 founded the accounting and advisory firm serving the hedge fund industry, will remain chief executive officer for the company, which employs about 60 people.

"UMB has a history of commitment to growing our fee-based business and this acquisition of J.D. Clark gives us an opportunity to do just that," says Peter deSilva (pictured), chairman, UMB Fund Services and president and chief operating officer of UMB Financial. "Now is the time to make investments in companies that build on our strength and stability as an organisation. UMB has a strong balance sheet and has been actively looking for the right acquisition in the alternative investments space, and by combining our businesses, we will be in the top quartile of service providers to alternative investments in the US."

"The acquisition of J.D. Clark demonstrates our continued commitment to grow our fund servicing capabilities," says John Zader, chief executive of UMB Fund Services. "J.D. Clark has an excellent reputation in the marketplace. Our firms have complimentary strengths and cultures. This acquisition will enhance the ability of both firms to provide best-in-class technology and servicing capabilities to the alternative investments industry."