Established in 2000, Millennium Trust began by focusing on unique custody solutions where no one else would or could. Today, we’re known for our ability to solve for the most complex custody requirements, and we empower you with exceptional service, comprehensive access, and trusted expertise.
Our Role as Custodian
The custody of alternative assets is complex because many are one-of-a-kind in nature. It is important to work with a company that specializes in and has the experience to custody a wide range of alternative assets as well as many different account types. As custodian, you can rely on Millennium Trust for the following:
- Establish and maintain individual client accounts
- Facilitate investment transactions as directed
- Track and report all investment activity in the account
- Ensure accurate and timely recordkeeping on the account
- Process annual tax documents, like IRS Forms 1099s and 5498s
WHY DO ALTERNATIVE ASSETS REQUIRE A SPECIALIZED CUSTODIAN?
A specialized custodian has to have the knowledge and experience to custody alternative assets. Alternatives vary from traditional assets in three main ways - valuations, purchasing the investment and liquidating assets. While most traditional investments are traded and priced electronically, the alternative asset world still requires manual processing. We custody over 14,000 unique alternative assets and make sure the transactions are handled in a timely manner, the valuation of the asset is reported on an annual basis and, if requested, to assist in selling the asset or process liquidation as deemed by the investment.
WHAT ELSE DOES MILLENNIUM TRUST DO?
Although Millennium Trust specializes in the custody of alternative assets, we also have the ability to custody traditional assets. Custody is our core business; it is 100% of what we do.
HOW CAN I ACCESS MY ACCOUNT?
Once your account is opened, you can access your account information at any time, day or night, through our secure, web-based platform – Millennium Trust Online. Through Millennium Trust Online, you can view your account holdings, investment activity and quarterly statements. Your account statement reflects the market value of the account’s portfolio and shows year-to-date balances and activity.* You have the option to either view your statements online or receive a paper copy in the mail.
*Due to the way alternative asset values are reported, the online values for alternative assets may not reflect current values.
We empower our clients with unmatched service, secure and easy access and trusted expertise. We continually invest in technology, product innovation, and people, taking a best-practices approach toward safety, operational soundness and compliance with current regulations.
REGULATED BY STATE OF ILLINOIS
We are chartered by the State of Illinois to perform trustee and custody functions and are examined annually by the Illinois Department of Financial and Professional Regulation (IDFPR).
Annual audits are conducted by two independent auditors. Our financial statements are audited on an annual basis by an independent certified public accountant, in accordance with AICPA professional standards.
Systematic internal controls are employed to protect the quality and integrity of operations and provide a secure environment for the custody of client assets.
Service Organization Controls (SOC) are a series of accounting standards that measure the control of financial information for a service organization.We employed a Big 4 accounting firm to provide an SSAE 16 (SOC 1) type 2 examination for the time period of January 1, 2014, through September 30, 2014.
Our insurance coverage includes Management Liability, Professional Liability and Fidelity Bond coverage. This insurance does not relate to the safety of the investments chosen by our clients.
BUSINESS CONTINUITY/DISASTER RECOVERY
Our comprehensive disaster recovery plan utilizes business continuity services provided by SunGard Availability Services.