UMB Bank unit reaches $600M in assets 10 months after launch

Ten months after it launched, a family wealth management program from UMB Bank has reached $600 million in assets under management.

The program assists families that can invest at least $50 million.

“We had a lot of pent-up demand," said Nikki Newton, president of private wealth management at Kansas City-based UMB. "You saw a lot of private equity come into the middle market after good, solid businesses that our clients ran. That is what picked up the pace on liquidity events, thus driving the need to have a comprehensive service."

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