UMB Financial recently announced its first publicly issued collateralized loan obligation (CLO) trustee mandate, building on its growing business over the last several years as a trustee for asset-backed securities (ABS) offerings.
UMB will be the trustee and collateral administrator on Manhattan-headquartered StepStone Group's $300 million middle-market CLO, its debut CLO, for which Wells Fargo was arranger and sole bookrunner. Founded in 2006, StepStone manages $34 billion in private assets across a global footprint.
"We are thrilled to announce our first publicly issued CLO trustee mandate, expanding on our established success of administering private transactions," said Alex Cormas, senior vice president, who co-leads the trust along with Alex Pham, in a statement.
Kansas City-based UMB has offered trust services for more than 75 years. It more recently began building its ABS trust services when it hired Stuart Mitchell away from Deutsche Bank in September 2019, where he was a senior relationship manager.
UMB launched the CLO trust and administration business in June, and in September brought on board experienced executives formerly at Wilmington Trust.
