UMB Bank adds another industry veteran to its Institutional Custody division

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UMB Bank, a subsidiary of UMB Financial Corporation has added another industry veteran to its Institutional Custody division amid impressive year-over-year growth in assets under custody (22 per cent) for the group.

To support rising interest in the insurance and government markets, UMB Institutional Custody has hired Tom Fuller as vice president and relationship manager. Fuller joins UMB Bank with more than 20 years of financial services industry experience and he has been heavily involved in global custody services throughout his career. 

Fuller started his career at UMB Fund Services in 1997 (then Sunstone Financial Group) as a mutual fund shareholder servicing representative. Fuller then spent nearly 20 years at US Bank, most recently as the head of global fund custody services.

“Tom brings decades of experience and knowledge of global custody services to our growing business,” says Amy Small, senior vice president, executive director of Institutional Custody at UMB Bank. “We look forward to utilising his operational expertise and dedication to client service to further enhance our rapidly growing custody business.”

While onboarding new clients and continually improving its technological capabilities, UMB Institutional Custody recently added another industry expert. Prior to Fuller’s appointment, the group named Dave Paldino as senior vice president, senior client relationship manager. Paldino has more than 30 years of financial services experience and is skilled in serving the custody needs of insurance companies and registered funds.  

“UMB Institutional Custody’s tremendous growth speaks to the depth and breadth of our team’s unique expertise, as well as our ability to provide critical insights and solutions to clients across every stage of the custody lifecycle,” says Small.  

UMB Institutional Custody has also invested heavily in talent and technology over the past 24 months to bolster growth while sustaining its award-winning client service. This year, the group became just the third regional custodian to implement GC Direct to streamline processing for global assets. UMB Institutional Custody also now provides a turnkey model for crypto funds, through partnerships with various platforms, and has added three new clients through this offering in recent months.

Likewise, UMB Institutional Custody has enhanced its trading capabilities as part of a custodial partnership with E-Valuator earlier this year by concurrently adding Broadridge’s Matrix Financial Solutions, Inc and its affiliate companies (“Matrix”) trading platform to its service. This allows clients to execute mutual fund trade orders from multiple platforms and access a wider range of mutual fund investment options. Additionally, UMB Institutional Custody was recently selected to provide global custody services to Pear Tree Funds’ range of mutual funds. 

As one of the nation’s leading custodians, UMB Institutional Custody is a trusted partner to safeguard and service domestic and global assets. UMB provides high-touch client service and offers straight-through transaction processing, deep investments in technology, robust security designed to accommodate the data requirements of complex holdings, online portal capabilities, and cash management services to support clients’ needs.