Despite a first-quarter slump it attributed to declines in its wealth management division, UMB Financial Corp.'s president said it plans to continue adding scale to its alternative investment servicing business through acquisitions.

The Kansas City, Mo., company's UMB Fund Services Inc. announced last week that it has signed a definitive agreement to buy J.D. Clark & Co. Inc., a privately held third-party fund service provider to alternative investment firms, including hedge funds, for cash. The price was not disclosed.

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