American Independence Funds [see profile] hired UMB Fund Services to provide mutual fund accounting, administration and tax services. JPMorgan WorldWide Securities Services is the incumbent.

The transition is expected to be completed in the latter part of next month, said John Pileggi, managing partner and founder of New York City-based American Independence Financial Services.

American Independence manages roughly $900 million in its 15 mutual funds. The firm is planning to grow its product roster.

"We have been with JPMorgan for three years," Pileggi told The MutualFundWire. "They're delightful people. They've grown quite a bit."

American Independence Funds launched a review of the providers in the market. It took a look at "seven or eight" providers and narrowed the list down to three finalists, Pileggi said. He declined to name the other finalists.

"UMB is a smaller organization but it's also well-capitalized. We are going to be a very important client to them," he said.

UMB, he said, "felt boutique-ish."

"We like dealing with large institutions that are well-capitalized. At the same time, we want a high-touch service model," Pileggi said. 

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