First Pacific Advisors [profile] recently switched mutual fund transfer agents for the first time in 28 years. Yesterday Milwaukee-based UMB Fund Services revealed that the Los Angeles-based mutual fund shop hired UMB, replacing Boston Financial Data Services. As of April 30, the six FPA mutual funds boast more than 152,000 accounts and $15.4 billion in assets.

MFWire.com could not immediately reach a BFDS spokesperson for comment on FPA's move.

Rich Atwood, managing partner and chief operating officer at FPA, confirmed that the switch took effect in November, though UMB affiliate JD Clark & Co. had already been handling some administration for some of FPA's private funds since 2008.

"We felt that UMB would be a better business partner for the funds and provide a good level of service at a reasonable price for our shareholders," Atwood told MFWire.com.

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Company Press Release

May 02, 2012 12:39 PM Eastern Daylight Time 

UMB Fund Services Selected to Service FPA Funds

MILWAUKEE--UMB Fund Services, Inc. (UMBFS) announced that it has been selected to provide mutual fund transfer agency services for the FPA Funds, managed by First Pacific Advisors, LLC (FPA).

UMBFS’ transfer agency will service the six FPA Funds, totaling more than 152,000 accounts with $15.4 billion in assets as of April 30, 2012.

“We decided to partner with UMB Fund Services for several reasons,” said Rich Atwood, managing partner and chief operating officer with FPA. “We wanted a transfer agent that would provide a solid shareholder experience at a reasonable price, while making it easier for us to manage our own business. UMB Fund Services has demonstrated great flexibility and willingness to tailor its services to our needs, both now and in the future. We also appreciate the sincerity and can-do approach of their people. We look forward to a great long-term relationship.”

In addition to transfer agency services, UMBFS will provide sales reporting services. UMBFS has also provided administration services for FPA’s private funds since early 2008 through JD Clark & Company, its alternative investment servicing division.

“We’re very pleased at the opportunity to significantly expand our relationship with this highly respected firm,” said John Zader, chief executive officer of UMBFS. “FPA has been admired within the investment community for decades. Its CEO, Bob Rodriguez, is a three-time Morningstar Manager of the Year. We look forward to providing the high level of investor service they need and deserve.”

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 and fund accounting, investor services and transfer agency, marketing and distribution; custody services through UMB Bank, n.a.; alternative investment services through JD Clark & Co.; and managed account services. It currently serves approximately 200 clients with combined assets of over $200 billion. For the past two years, the company has been named one of the top 10 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 $13.6 billion in banking assets, headquartered in Kansas City, Mo.

About First Pacific Advisors, LLC

FPA is a leading practitioner of value investing. Providing a prudent place to invest, FPA focuses on generating superior returns over the long term coupled with capital preservation. Its people consider themselves investors, not traders, and foster a culture that promotes high ethical standards. Located in Los Angeles, the firm is independently owned with 23 investment professionals and 61 employees in total. Currently, FPA manages $19.8 billion across four equity strategies and one fixed income strategy. FPA’s equity and fixed income styles are linked by a common fundamental value orientation. The firm’s goal is to provide a consistent, risk-averse and disciplined approach to long-term investing in individual securities with the objective of achieving superior total returns for client portfolios.

 

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