UMB Financial Corporation
of Kansas City, Missouri has formed a new unit, UMB Investment Services Group. Vincent Ciavardini
will head up the division as president and ceo. He will also serve as vice chairman of the parent company.
The investment services group will comprise of Sunstone Financial Group as well as UMB's custody and cash management businesses for mutual funds.
Prior to this move, Ciavardini served as the coo at PFPC, Inc.
, a subsidiary of PNC Financial Services Group.
"UMB has been in the mutual fund servicing business for more than 50 years, and with last year's acquisition of Sunstone we were able to offer a full-service solution to the mutual fund industry," stated R. Crosby Kemper III
, chairman and ceo at UMB. "Vince brings seasoned experience to the table, and his leadership will help us propel our mutual fund servicing business to a whole new level."
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