By selling its struggling investment management business, UMB Financial in Kansas City, Mo., can allocate more time — and money — to its banking operations.

The $21 billion-asset company agreed Thursday to sell Scout Investments to a Raymond James unit for $172.5 million in cash.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.