UMB Distribution Services, LLC to be Acquired by ACA Group

UMB Distribution Services, a subsidiary of UMB Financial Corp., is being acquired by ACA Group. Photo credit: Shutterstock (David Gyung).

Posted May 30, 2024

Updated at 4:47 p.m., May 30, 2024

UMB Distribution Services, LLC, a subsidiary of UMB Financial Corporation, is being acquired with the deal expected to close in the fourth quarter.

ACA Group announced it plans to purchase the broker-dealer distribution business from UMB Fund Services, according to a release Thursday. ACA Group specializes in governance, risk and compliance advisors in financial services.

The transaction adds over $48 billion in client assets to ACA and allows current UMB clients to leverage ACA’s advisory support technology. UMB Distribution Services will merge with ACA’s distribution division, ACA Foreside. Foreside currently services $2 trillion in assets across hundreds of fund families, according to the release.

The distribution team is co-led by Teresa Cowan and Chris Lanza.

“We are excited about the opportunities this acquisition brings to our strategic growth vision alongside the ability to expand our market presence and deliver exceptional value to our clients and stakeholders,” CEO at ACA, Patrick Olson said in the release.

Financial terms of the transaction were not disclosed.

In April, UMB Financial Corporation announced it would acquire Heartland Financial, USA Inc.—valued at approximately $2 billion—in the bank’s largest acquisition in history.