WHAT DOES A CUSTODIAN DO?
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 administer 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 11,000 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 SEE MY ACCOUNT INFORMATION?
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.
WHY MILLENNIUM TRUST COMPANY?
Millennium Trust was established in 2000 to meet the market’s growing need for a more flexible provider of administrative and custody services. Over the years, we have developed new products and solutions to meet our customers’ needs. Today we are an experienced, fast-growing financial services firm, and we continue to stay at the industry forefront by remaining true to our entrepreneurial spirit.
Chartered by the State of Illinois, Millennium Trust is examined annually by the Illinois Department of Financial and Professional Regulation (DFPR) and is audited each year by two separate independent audit firms.
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.
We have established a comprehensive disaster recovery plan utilizing business continuity services provided by SunGard Availability Services. Data is backed up and saved at a secure off-site data storage facility.
Millennium Trust’s 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.
FDIC COVERAGE FOR IDLE CASH IN IRAS
Millennium Trust provides a Cash Sweep Program for the investment of idle cash in multiple unaffiliated banks providing up to $2.5 million in FDIC insurance per account. To view full details, restrictions and the list of banks participating in the Program, visit our website.