Custody Service Offering
For RIAs, Millennium Trust acts as a qualified custodian and establishes an account on behalf of the private fund. Millennium Trust holds custody of all the private funds’ underlying assets in its name as custodian. As required, Millennium Trust sends quarterly statements to all investment participants. Whether the private fund is self-administered or administered by a third party, Millennium Trust delivers additional custodial services as requested including:
- Establish sub-manager accounts if required
- Purchase new investments as directed by the investment manager
- Receive new or additional funds from participants
- Receive and record income generated by underlying assets
- Receive and custody proceeds when assets have matured, are sold or redeemed
- Process distribution or expense payments as directed
- Provide integration services to a wide variety of portfolio management systems
- Supply data downloads to authorized entities or individuals
- Send notification to the RIA that quarterly statements to all participants have been mailed
For advisors of private equity funds required to utilize a qualified custodian or for those fund managers who simply wish an additional layer of transparency through the use of a qualified custodian, Millennium Trust provides a customized offering from the services listed above to suit those needs.