UMB Financial in Kansas City, Mo., has sold an asset management business to the firm’s principals.

Marquette Asset Management said in a press release Thursday that its leaders — Chris Vernier, Robert Rubenstein and Jean Gullikson — bought the business. Marquette Asset Management did not disclose the price paid.

The Minneapolis firm has nearly $1 billion in assets under administration and serves about 125 high-net-worth individuals and families, along with foundation, endowment and institutional clients.

UMB Financial has sold an asset management business it gained from a bigger acquisition in 2015.

The Pohlad family formed the firm in 2005 as part of Marquette Financial Cos. UMB bought Marquette Financial in 2015.

“With this ownership change, we return to our roots as a boutique wealth management firm that’s privately held and locally owned,” Chris Vernier, Marquette Asset Management’s president, said in the release. “Our new ownership structure will enable us to continue serving our clients effectively.”

Rubenstein and Gullikson are managing directors. Gullikson also serves as the firm’s chief compliance officer.

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