UMB Bank Selected as Custodian for COLOTRUST Local Government Investment Pool

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[{"type":"text","content":" KANSAS CITY, Mo.--(BUSINESS WIRE)--\nUMB Bank, n.a., a subsidiary of UMB Financial Corporation (Nasdaq: UMBF), today announces it has been selected to serve as custodian for the Colorado Local Government Liquid Asset Trust (COLOTRUST), a local government investment pool established in 1985 that is available to any Colorado county, city, town, school district, special district, or other political subdivision.\n\nUMB will provide customized custody solutions for COLOTRUST. Public Trust Advisors serves as the Program Administrator for COLOTRUST. Founded in 2011, Public Trust is an independent investment advisor that specializes in managing and servicing the investment needs of local governments across the United States. With the selection of UMB, the bank’s relationship with Public Trust continues to expand as the firm also works with UMB’s Corporate Trust division.\n\n“We are excited to expand our work with Public Trust and provide custody solutions for COLOTRUST following our successful implementation with Texas CLASS,” said Amy Small, SVP, Director of Institutional Custody at UMB. “Through our high-touch client service and integrated banking solutions, we are proud to support Public Trust and continue the growth of our government custody offering.”\n\nUMB’s appointment as custodian continues the custody business’ rapid growth within the government sector, including its recent appointment as custodian for the Texas Cooperative Liquid Assets Securities System Trust (Texas CLASS), a local government investment pool established in 1996 that is available to all Texas municipalities, counties, school districts, authorities, and other local government entities.\n\n“Public Trust has had exceptional experiences with UMB’s corporate trust team and is excited to expand our relationship to include custody services,” said Matt Starr, Director of Client Relations for Public Trust Advisors. “UMB has showcased the breadth of its capabilities as a service provider in an effort to maximize value for us and our clients, and we look forward to the continued growth of our business relationship.”\n\nAs of Sept. 30, 2021, more than 25% of UMB’s AUC are in the government space. Overall, since the beginning of 2021, UMB has increased its custody client portfolio by more than 12% and assets under custody (AUC) by more than 40%, while surpassing $150 bil...

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