MILWAUKEE--(BUSINESS WIRE)--
UMB
Fund Services (UMB) has endorsed the Institutional Limited Partners
Association’s (ILPA) best practice principles and reporting templates
for the private equity space. The principles and templates help promote
reporting consistency and transparency for limited partners. UMB is
among a select group of fund administrators to endorse the ILPA
reporting standards.
“Implementing these new template standards and best practices will aid
in furthering standardized reporting processes for limited partners and
ultimately providing the transparency many private equity investors are
now desiring,” said Maureen Quill, Chief Operating Officer at UMB Fund
Services.
UMB’s proprietary accounting system, FastPro, is being programmed for
ILPA template reports by UMB’s internal developers. Investor statement
programming is under way, while capital call and distribution notices
are already available.
“We commend the efforts of UMB to support the private equity industry’s
need for standardization and transparency,” said Jennifer Choi, Managing
Director of ILPA. “As more LPs and GPs adopt the template, there will be
a greater call for solutions, such as FastPro, that help streamline
implementation. We look forward to the development of the platform.”
With more than 400 member institutions representing over US$1 trillion
of private equity assets under management, ILPA is the only global
organization dedicated exclusively to advancing the interests of LPs and
their beneficiaries through best-in-class education, research, advocacy
and networking.
About UMB Fund Services
UMB Fund Services, headquartered in Milwaukee, Wis., offers a complete
line of products and services to the fund industry, including
administration, fund accounting, distribution*, investor services and
transfer agency, and alternative investment services; custody services
through UMB Bank, n.a.; and turnkey solutions including series trust,
collective trust, and registered alternative investment services. It
serves more than 200 clients with combined assets of more than $200
billion as of June 30, 2017. For the past eight years, the company has
been named one of the top midsize employers in southeastern Wisconsin by
the Milwaukee Journal Sentinel. UMB Financial Corporation
(Nasdaq: UMBF), the parent company of UMBFS, is a financial services
holding company with more than $20 billion in banking assets as of June
30, 2017, headquartered in Kansas City, Mo.
*Statutory underwriter and distribution services provided by UMB
Distribution Services, LLC.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171018005480/en/
for UMB Financial Corporation
Kristin Kovach, 816.423.6131
kkovach@crossroads.us
Source: UMB Financial Corporation