Principals at wealth-management firm Marquette Asset Management have bought the business from UMB Financial Corp. for an undisclosed amount.
Kansas City-based UMB acquired the firm in 2015, when it paid $182 million in stock to buy Marquette Financial Cos. from the Pohlad family. Minneapolis-based Marquette Asset Management, or MAM, was a subsidiary of Marquette Financial.
The three MAM principals who now own the business are: President Chris Vernier, Managing Director Robert Rubenstein and Jean Gullickson, managing director and chief compliance officer. The three executives have worked for MAM since the Pohlads started the company in 2005.
“With this ownership change, we return to our roots as a boutique wealth management firm that’s privately held and locally owned,” Vernier said in a news release.
MAM administers nearly $1 billion in assets.
Read more: Kansas City Business Journal