UMB Fund Services (UMBFS), a subsidiary of UMB Financial Corporation, has expanded its partnership with StepStone Group Private Wealth.
UMBFS currently provides fund administration, fund accounting, custody, transfer agency and distribution services to StepStone’s flagship fund, StepStone Private Markets.
With the support of UMBFS, the multi-asset-class fund began producing a daily rather than monthly NAV this July to allow investors to purchase shares on a daily basis. These can now be acquired through tickers rather than paper subscription documents.
The firm also supported StepStone’s launch of its new Private Infrastructure Fund, an evergreen interval fund that can be purchased daily, and will provide it with the same comprehensive servicing as the Private Markets fund.
Kristine Westley, managing director of operations at StepStone Private Wealth, comments: “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.
“This was a monumental task, and it could not have been handled more quickly or professionally.”
Maureen Quill, executive director of registered funds at UMBFS, says: “We’re honoured 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."
