Business
UMB Fund Services Assists StepStone Private Wealth with Flagship Fund Transition to Daily Admittance, Launch of New Infrastructure Fund
MILWAUKEE--(BUSINESS WIRE)-- UMB Fund Services, Inc. (UMBFS), a subsidiary of UMB Financial Corporation (NASDAQ: UMBF), announced today its service expansion
About this update from Umb Financial Corporation
[{"type":"text","content":" MILWAUKEE--(BUSINESS WIRE)--\nUMB Fund Services, Inc. (UMBFS), a subsidiary of UMB Financial Corporation (NASDAQ: UMBF), announced today its service expansion for StepStone Group Private Wealth LLC, part of StepStone Group Inc. (NASDAQ: STEP), one of the largest asset managers focused exclusively on private markets.\n\n\nUMBFS, who provides fund administration, fund accounting, custody, transfer agency and distribution services for StepStone’s flagship fund, recently assisted with the transition to daily net asset value (NAV) and daily admittance of the company’s multi-asset-class private markets fund—a $1.6 billion, broad-based private markets solution that spans private equity, private debt and real assets—as well as the recent launch of a new infrastructure fund.\n\n\n“We’re deeply honored to work so closely with our partners at StepStone, who are industry pioneers not only in their investment funds, but with how those funds are made available for purchase,” said Maureen Quill, executive director of registered funds at UMBFS.\n\n\nIn July, StepStone began publishing a daily NAV for its flagship fund, StepStone Private Markets (“SPRIM”), allowing investors to purchase shares on a daily basis. StepStone is among the first managers to strike a daily NAV for a multi asset-class registered fund invested in private markets. Investors can now purchase shares through mutual fund platforms using a ticker; paper subscription documents are no longer required. UMB assisted with the transition process and assumed comprehensive servicing.\n\n\n“We worked hand-in-hand with UMBFS to transition our flagship registered fund investing in private markets from posting a monthly NAV to a daily NAV—all while migrating transfer agency, distribution, fund administration, fund accounting and custody services at the same time,” said Kristine Westley, managing director of operations at StepStone Private Wealth. “This was a monumental task, and it could not have been handled more quickly or professionally. We greatly appreciate UMB Fund Services’ partnership.”\n\n\nIn September, StepStone launched a new fund, StepStone Private Infrastructure Fund (“STRUCTURE”). Like SPRIM, STRUCTURE is an evergreen interval fund that can be purchased daily, and UMB Fund Services is providing the same services as with SPRIM.\n\n\nUMB Fund Services is a national leader in...