Latest news with #WilmingtonTrust
Yahoo
28-05-2025
- Business
- Yahoo
UMB Corporate Trust and Agency Services Adds 13 in California Expansion
National Sales Managers John Deleray and Ali Naqvi and Regional Managers Jeanie Mar and Jane Snyder are among professionals joining from Wilmington Trust KANSAS CITY, Mo., May 28, 2025--(BUSINESS WIRE)--UMB Bank, n.a., a subsidiary of UMB Financial Corporation (Nasdaq: UMBF), announced today an expansion of its Corporate Trust and Agency Services group in California. UMB welcomes thirteen professionals formerly with Wilmington Trust to provide a wide range of corporate, municipal trustee, escrow and paying agent services. All but two of the new professionals will be based from Costa Mesa in Orange County, where UMB is opening a new office. The new office will also be home to professionals from Corporate Trust's CLO Trustee and Loan Administration team. "We've been growing our Corporate Trust business by double digits year after year and expect that to continue," said Austin Braithwait, executive vice president, executive managing director, Corporate Trust and Agency Services. "John Deleray and Ali Naqvi are among the best-known corporate trust leaders in the western U.S. We are honored to welcome them and this entire group of stellar professionals." UMB Corporate Trust and Agency Services is part of the bank's Institutional Banking division. Its expansion in California builds on UMB's entry earlier this year into commercial and retail banking in the state when UMB acquired HTLF Bank, and its California division, Premier Valley Bank. John Deleray, national sales manager, leads a team that will focus primarily on municipal and corporate trustee, escrow and paying-agent services. He and Jeanie Mar, regional manager, helped establish Wilmington Trust's California office in 2011. "As a team, we're thrilled with the opportunity to expand UMB's national reputation as a Public Finance Trustee to the west coast and to grow UMB's national dedicated effort in M&A administration," said Deleray. "UMB's infrastructure, senior management and commitment to our product lines combined with the talented, experienced team we're bringing over is going to produce one of the strongest Corporate Trust offices in the nation. We're very excited." A second team led by Ali Naqvi, also a national sales manager, specializes in complex mergers and acquisitions transactions. He and Jane Snyder, regional manager, and their team will work closely with top law firms and private equity firms across all fifty states, focusing on escrow and paying agent services. "The goal has always been the same—to be the easiest and most flexible escrow and paying agent to work with," said Naqvi. "UMB is providing us the perfect platform to accomplish that." Deleray, Mar, Naqvi and Snyder started employment with UMB yesterday. UMB looks forward to welcoming nine additional members of their teams over the coming weeks. In recent years, UMB has substantially invested in and grown its Corporate Trust and Agency Services group. "We now cover all major areas," said Braithwait. "We've gotten there through a mix of organic growth, lift-outs and acquisitions across the U.S. and in Ireland." In addition to general corporate and municipal trust services, UMB has specialized teams focused on asset-backed securities (ABS); distressed debt and default workout scenarios; loan agency and project finance services; aviation and other transportation and equipment services; and CLO trustee and loan administration services. About UMB UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending, investment and retirement plan services; personal banking, which includes comprehensive deposit, lending, wealth management and financial planning services; and institutional banking, which includes asset servicing, corporate trust solutions, investment banking and healthcare services. UMB operates branches throughout Missouri, Arizona, California, Colorado, Iowa, Kansas, Illinois, Minnesota, Nebraska, New Mexico, Oklahoma, Texas, and Wisconsin. As the company's reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB Blog, UMB Facebook and UMB LinkedIn. View source version on Contacts For more information please contact:Kaele Palmer, Sign in to access your portfolio
Business Wire
28-05-2025
- Business
- Business Wire
UMB Corporate Trust and Agency Services Adds 13 in California Expansion
KANSAS CITY, Mo.--(BUSINESS WIRE)--UMB Bank, n.a., a subsidiary of UMB Financial Corporation (Nasdaq: UMBF), announced today an expansion of its Corporate Trust and Agency Services group in California. UMB welcomes thirteen professionals formerly with Wilmington Trust to provide a wide range of corporate, municipal trustee, escrow and paying agent services. All but two of the new professionals will be based from Costa Mesa in Orange County, where UMB is opening a new office. The new office will also be home to professionals from Corporate Trust's CLO Trustee and Loan Administration team. 'We've been growing our Corporate Trust business by double digits year after year and expect that to continue,' said Austin Braithwait, executive vice president, executive managing director, Corporate Trust and Agency Services. 'John Deleray and Ali Naqvi are among the best-known corporate trust leaders in the western U.S. We are honored to welcome them and this entire group of stellar professionals.' UMB Corporate Trust and Agency Services is part of the bank's Institutional Banking division. Its expansion in California builds on UMB's entry earlier this year into commercial and retail banking in the state when UMB acquired HTLF Bank, and its California division, Premier Valley Bank. John Deleray, national sales manager, leads a team that will focus primarily on municipal and corporate trustee, escrow and paying-agent services. He and Jeanie Mar, regional manager, helped establish Wilmington Trust's California office in 2011. 'As a team, we're thrilled with the opportunity to expand UMB's national reputation as a Public Finance Trustee to the west coast and to grow UMB's national dedicated effort in M&A administration,' said Deleray. 'UMB's infrastructure, senior management and commitment to our product lines combined with the talented, experienced team we're bringing over is going to produce one of the strongest Corporate Trust offices in the nation. We're very excited.' A second team led by Ali Naqvi, also a national sales manager, specializes in complex mergers and acquisitions transactions. He and Jane Snyder, regional manager, and their team will work closely with top law firms and private equity firms across all fifty states, focusing on escrow and paying agent services. 'The goal has always been the same—to be the easiest and most flexible escrow and paying agent to work with,' said Naqvi. 'UMB is providing us the perfect platform to accomplish that.' Deleray, Mar, Naqvi and Snyder started employment with UMB yesterday. UMB looks forward to welcoming nine additional members of their teams over the coming weeks. In recent years, UMB has substantially invested in and grown its Corporate Trust and Agency Services group. 'We now cover all major areas,' said Braithwait. 'We've gotten there through a mix of organic growth, lift-outs and acquisitions across the U.S. and in Ireland.' In addition to general corporate and municipal trust services, UMB has specialized teams focused on asset-backed securities (ABS); distressed debt and default workout scenarios; loan agency and project finance services; aviation and other transportation and equipment services; and CLO trustee and loan administration services. About UMB UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending, investment and retirement plan services; personal banking, which includes comprehensive deposit, lending, wealth management and financial planning services; and institutional banking, which includes asset servicing, corporate trust solutions, investment banking and healthcare services. UMB operates branches throughout Missouri, Arizona, California, Colorado, Iowa, Kansas, Illinois, Minnesota, Nebraska, New Mexico, Oklahoma, Texas, and Wisconsin. As the company's reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB Blog, UMB Facebook and UMB LinkedIn.
USA Today
20-05-2025
- Business
- USA Today
American women are about to inherit $50 trillion. What is the Great Wealth Transfer?
American women are about to inherit $50 trillion. What is the Great Wealth Transfer? Show Caption Hide Caption The wealth gap: $400 billion versus the median American net worth The world's richest person had a net worth of $400 billion. This is the visual comparison of the U.S. wealth gap. Much has been written about the Great Wealth Transfer, a historic passing of assets from the oldest Americans to younger generations over the next two decades. But the kids may have to wait. Between 2024 and 2048, an estimated $54 trillion will pass from one spouse to another, rather than to children or grandchildren, in a wave of 'horizontal' transfers that follow the death of a husband or wife. And more than 95% of that wealth will go to women. Many young adults are pinning their hopes on the Great Wealth Transfer, a generational exchange of riches that could pass $84 trillion from older Americans to their children and other beneficiaries. The money is coming from aging baby boomers and members of the silent generation, who have amassed a staggering sum in home equity, investments and other assets over the years. Much of the wealth will eventually pass to children. But first, trillions of dollars will transfer from one spouse to the other within the same generation: In most cases, from a dying husband to a surviving wife. Roughly $54 trillion will pass through 'inter-spousal' transfers by 2048, according to a recent report from Cerulli Associates, a research and consulting firm for the asset and wealth management industry. Because wives tend to outlive husbands, nearly all the wealth will go to women. 'When we talk about 'next-gen,' it doesn't always mean younger people. It often means the wife,' said Alvina Low, chief wealth strategist at Wilmington Trust. Banking on an inheritance? You may have to wait. For younger Americans, the coming wave of spouse-to-spouse transfers provides a timely reminder: If you are banking on an inheritance to get you through life, you may be in for a shock. 'Even if you have wealthy parents, you might not be seeing any amount of that until you're almost retiring yourself,' said Chayce Horton, a senior analyst at Cerulli. Americans are most likely to inherit between the ages of 56 and 65, according to a 2021 analysis by researchers at the Wharton School of the University of Pennsylvania. But most Americans never inherit a dime. Men handle the finances in many marriages The Great Wealth Transfer to widows has implications, too, for millions of older Americans. Men handle the finances in many marriages, especially among older Americans. Spouses might know little or nothing of investment and retirement accounts, bill-paying routines and estate plans. 'There has always been a more traditional gender role. Men often made a lot of financial decisions in the partnerships,' said Candace Dellacona, an estates and trusts attorney in New York. 'I'm hopeful that women will take more ownership over being involved in that wealth transfer,' she said. 'Because, you know, we are responsible for a lot of it. We earn it.' Women are rapidly gaining confidence in household finance. A 2023 survey by Allianz Life found that 43% of married women considered themselves the chief financial officer at home, up from 34% in 2021. But men have long been viewed as experts on household finance, especially in wealthy households. A 2021 academic study found that husbands were considered most knowledgeable on finance in 90% of the wealthiest households, those in the top 1% by net worth. Financial advisers should talk to wives, too One aim of the Cerulli report, Horton said, is to alert financial advisers and estate planners that they should talk to both partners in a household, not just husbands. 'It's really important to establish relationships with families, rather than individuals,' he said. Dellacona put it more bluntly: 'If the financial adviser is only talking to the husband,' she said, 'get a new financial adviser.' The problem with leaving one spouse in charge of family finance will become obvious, experts say, if that partner dies first. 'You have to plan for widowhood, whether it's male or female,' said Angie O'Leary, head of wealth strategies and solutions at RBC Wealth Management-U.S. Here are a few tips for couples to prepare for the potential death of the partner who pays the bills. Work together on an estate plan Many financial advisers say Americans should have a will or trust, which instructs how to distribute property and other assets upon your death. That document is part of a larger estate plan, which also dictates who will manage your affairs in an emergency while you are alive, among other provisions. Spouses should work together on estate plans, experts say. Collaborate on naming beneficiaries Investment accounts and life insurance policies often require you to name beneficiaries, who get the money upon your death. For many Americans, beneficiary designations function as an estate plan: they're legally binding and dictate what happens to a large portion of your assets. Naming beneficiaries now will make life easier for a surviving spouse when one partner dies, experts say. Share intel on household accounts When a spouse dies, the surviving partner may be faced with a tangle of utility bills, passwords and pins to unravel. To simplify that process, create a file that contains all of that information, including printed statements for every household account. Update it as needed. Consider adding both spouses to every account, including utilities, streaming services and everyday banking. That way, if one partner dies, the other will have less trouble gaining access. Plan for long-term care More than 80% of Americans will require long-term care, according to the Center for Retirement Research at Boston College. Long-term care, such as assisted living, can swiftly drain your assets. Couples should plan together for how to cover the expense, said Anqi Chen, associate director of savings and household finance at the Center for Retirement Research. 'For widows especially, they will probably live a long time, and women are also more likely to need long-term care,' she said.
Yahoo
05-05-2025
- Business
- Yahoo
Fed and Powell face 'tug-of-war' with Trump and his tariffs looming
The biggest question facing the Federal Reserve as it gathers again this week is how to grapple with a tariff-related "tug-of-war" between sticky inflation and a slowing economy — as well as a president who wants looser monetary policy. How that dilemma gets resolved could mean two very different courses for interest rates in the coming months. President Trump has made his views known in recent weeks: He wants rates lowered ahead of any slowing of the economy possibly triggered by his trade policies. And he is not happy with the caution of Fed Chair Jerome Powell, who has said the central bank will "wait for greater clarity" while weighing both sides of its mandate for stable prices and full employment. There is a "strong likelihood," Powell said last month, that the economy will be moving away from both of the Fed's goals for the "balance of the year, or at least not making much progress." New reports on the economy, jobs, and inflation released last week reinforced the Fed's conundrum as it looks for patterns in the data. A GDP report showed the US economy contracted for the first time in three years to begin 2025 due largely to a rush by importers to beat the start of President Trump's tariffs. Read more: The latest news and updates on Trump's tariffs But an April jobs report released Friday also showed the labor market remained resilient even in the weeks after Trump's "Liberation Day" announcements shook markets. An inflation gauge favored by the Fed showed that price growth slowed in March to an annualized 2.6%, but it was still a hotter-than-expected 3.5% for the quarter. And both marks are above the Fed's target of 2%. Some economists expect inflation to kick higher and the economy to fall further in the months ahead. The challenge for the Fed, Wilmington Trust bond portfolio manager Wilmer Stith said, is that it has to ferret out "the tug-of-war between how much inflation is over the 2% target versus a deteriorating job market." Luke Tilley, chief economist for Wilmington Trust, isn't expecting much change in the Fed's stance at this week's meeting. He does expect Powell to reiterate the tension between lower growth and higher inflation. "They will hold where they are at this meeting, citing all of the uncertainty and that, if you look through the GDP data that still looks pretty strong and domestic demand was strong," he said. Tilley said underlying demand was actually inflated during the first quarter by businesses stocking up on inventory ahead of the president's tariffs. He expects the economy to slip into a mild, short recession in the second quarter, which he expects will lead the Fed to cut rates. "I expect that by the end of the year they will be cutting rates and more so than they think right now — and more so that they'd ever be willing to say right now," Tilley said. Tilley sees a rate cut at every meeting for the rest of the year starting in June, amounting to 125 basis points of reductions by year-end. But he doesn't think the Fed will cut until there is an actual drop in economic growth. That could lead to even more tension with the occupant of the White House. Trump in recent weeks has repeatedly made clear that he wants the Fed to cut rates and has accused it and Powell of being late. Read more: How much control does the president have over the Fed and interest rates? "There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW," the president posted on his social media website, Truth Social, on April 21, saying that "'Preemptive Cuts' in Interest Rates are being called for by many." The White House even studied firing Powell before Trump made it clear he had "no intention" of firing the chair, whose term expires in May 2026. Powell and some other Fed officials have stressed that the Fed must keep inflation expectations well anchored and that the central bank needs to ensure that one-time price increases from tariffs do not turn into ongoing inflation. That seems to imply officials would err on the side of holding rates steady to keep inflation and inflation expectations in check. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments But not everyone inside the Fed may feel that way, indicating that the debate in the coming months could get heated. Fed governor Chris Waller, for example, said last month that he expects that the tariffs' impact on inflation and jobs will be simultaneous and that he would err toward the side of needing to cut rates if the unemployment rate went up. Waller said if the unemployment rate started ticking up by a tenth each month, it "wouldn't be a big problem," but if it starts going up two or three tenths per month, it would be indicative of layoffs taking off. Esther George, former president of the Kansas City Federal Reserve, is among those who believe the real risk for the Fed is whether inflation from tariffs proves to be longer-lasting. "Some people call it hawkish," George said. "I don't think it's so hawkish as it is just practical to say in a more stagflationary environment, the one thing I can affect is inflation, and the anchoring of expectations is going to be critical here, because you might be able to take a rise in unemployment to a certain level." George says she could see the Fed justifying keeping rates higher than they might otherwise even if there's an uptick in unemployment because the central bank needs to keep inflation expectations, which have been ratcheting higher due to tariffs, in check. "It's not that they're going to be late, it's that they are carefully evaluating the contours of this data to help them judge what the stance of policy is," she said. Tilley is among those who argue inflation won't be long-lasting if the US consumer and economy do, in fact, weaken. He downplayed any return of a so-called stagflation situation that roiled America in the 1970s, with inflation rising and the economy weakening at the same time. "We are not in a stagflation late-1970s scenario here in any way, shape, or form," Tilley said. "Like it's not even close, which means you can have the weakening in the economy and inflation would follow it down. It wouldn't keep going up like it did then." Read More: What is stagflation, and how does it impact you? George said the Fed needs to be careful about keeping inflation expectations in check because "the odds [of recession] are growing every day," as a result of tariffs and uncertainty. "I think the dynamic of the impact of shifting supply chains and alliances at a minimum is going to cause a weaker economy, not a stronger one, certainly in the short term," George said. And whether it's a recession or just slow growth, George said it may not matter because slower growth is just as damaging as a recession, hitting employment and productivity. George expects the Fed will be faced with adjusting rates in the second half of the year if the economy is weak. If the unemployment rate starts ticking up past 4.5%, that will get the Fed's attention. If the jobless rate rises, she said, "I think that will be their signal they need to cut." Click here for in-depth analysis of the latest stock market news and events moving stock prices Sign in to access your portfolio
Yahoo
05-05-2025
- Business
- Yahoo
Fed and Powell face 'tug-of-war' with Trump and his tariffs looming
The biggest question facing the Federal Reserve as it gathers again this week is how to grapple with a tariff-related "tug-of-war" between sticky inflation and a slowing economy — as well as a president who wants looser monetary policy. How that dilemma gets resolved could mean two very different courses for interest rates in the coming months. President Trump has made his views known in recent weeks: He wants rates lowered ahead of any slowing of the economy possibly triggered by his trade policies. And he is not happy with the caution of Fed Chair Jerome Powell, who has said the central bank will "wait for greater clarity" while weighing both sides of its mandate for stable prices and full employment. There is a "strong likelihood," Powell said last month, that the economy will be moving away from both of the Fed's goals for the "balance of the year, or at least not making much progress." New reports on the economy, jobs, and inflation released last week reinforced the Fed's conundrum as it looks for patterns in the data. A GDP report showed the US economy contracted for the first time in three years to begin 2025 due largely to a rush by importers to beat the start of President Trump's tariffs. Read more: The latest news and updates on Trump's tariffs But an April jobs report released Friday also showed the labor market remained resilient even in the weeks after Trump's "Liberation Day" announcements shook markets. An inflation gauge favored by the Fed showed that price growth slowed in March to an annualized 2.6%, but it was still a hotter-than-expected 3.5% for the quarter. And both marks are above the Fed's target of 2%. Some economists expect inflation to kick higher and the economy to fall further in the months ahead. The challenge for the Fed, Wilmington Trust bond portfolio manager Wilmer Stith said, is that it has to ferret out "the tug-of-war between how much inflation is over the 2% target versus a deteriorating job market." Luke Tilley, chief economist for Wilmington Trust, isn't expecting much change in the Fed's stance at this week's meeting. He does expect Powell to reiterate the tension between lower growth and higher inflation. "They will hold where they are at this meeting, citing all of the uncertainty and that, if you look through the GDP data that still looks pretty strong and domestic demand was strong," he said. Tilley said underlying demand was actually inflated during the first quarter by businesses stocking up on inventory ahead of the president's tariffs. He expects the economy to slip into a mild, short recession in the second quarter, which he expects will lead the Fed to cut rates. "I expect that by the end of the year they will be cutting rates and more so than they think right now — and more so that they'd ever be willing to say right now," Tilley said. Tilley sees a rate cut at every meeting for the rest of the year starting in June, amounting to 125 basis points of reductions by year-end. But he doesn't think the Fed will cut until there is an actual drop in economic growth. That could lead to even more tension with the occupant of the White House. Trump in recent weeks has repeatedly made clear that he wants the Fed to cut rates and has accused it and Powell of being late. Read more: How much control does the president have over the Fed and interest rates? "There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW," the president posted on his social media website, Truth Social, on April 21, saying that "'Preemptive Cuts' in Interest Rates are being called for by many." The White House even studied firing Powell before Trump made it clear he had "no intention" of firing the chair, whose term expires in May 2026. Powell and some other Fed officials have stressed that the Fed must keep inflation expectations well anchored and that the central bank needs to ensure that one-time price increases from tariffs do not turn into ongoing inflation. That seems to imply officials would err on the side of holding rates steady to keep inflation and inflation expectations in check. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments But not everyone inside the Fed may feel that way, indicating that the debate in the coming months could get heated. Fed governor Chris Waller, for example, said last month that he expects that the tariffs' impact on inflation and jobs will be simultaneous and that he would err toward the side of needing to cut rates if the unemployment rate went up. Waller said if the unemployment rate started ticking up by a tenth each month, it "wouldn't be a big problem," but if it starts going up two or three tenths per month, it would be indicative of layoffs taking off. Esther George, former president of the Kansas City Federal Reserve, is among those who believe the real risk for the Fed is whether inflation from tariffs proves to be longer-lasting. "Some people call it hawkish," George said. "I don't think it's so hawkish as it is just practical to say in a more stagflationary environment, the one thing I can affect is inflation, and the anchoring of expectations is going to be critical here, because you might be able to take a rise in unemployment to a certain level." George says she could see the Fed justifying keeping rates higher than they might otherwise even if there's an uptick in unemployment because the central bank needs to keep inflation expectations, which have been ratcheting higher due to tariffs, in check. "It's not that they're going to be late, it's that they are carefully evaluating the contours of this data to help them judge what the stance of policy is," she said. Tilley is among those who argue inflation won't be long-lasting if the US consumer and economy do, in fact, weaken. He downplayed any return of a so-called stagflation situation that roiled America in the 1970s, with inflation rising and the economy weakening at the same time. "We are not in a stagflation late-1970s scenario here in any way, shape, or form," Tilley said. "Like it's not even close, which means you can have the weakening in the economy and inflation would follow it down. It wouldn't keep going up like it did then." Read More: What is stagflation, and how does it impact you? George said the Fed needs to be careful about keeping inflation expectations in check because "the odds [of recession] are growing every day," as a result of tariffs and uncertainty. "I think the dynamic of the impact of shifting supply chains and alliances at a minimum is going to cause a weaker economy, not a stronger one, certainly in the short term," George said. And whether it's a recession or just slow growth, George said it may not matter because slower growth is just as damaging as a recession, hitting employment and productivity. George expects the Fed will be faced with adjusting rates in the second half of the year if the economy is weak. If the unemployment rate starts ticking up past 4.5%, that will get the Fed's attention. If the jobless rate rises, she said, "I think that will be their signal they need to cut." Click here for in-depth analysis of the latest stock market news and events moving stock prices
