Millennium Doubles Private Fund Assets Under Custody - Advisors Seeking to Comply with SEC Custody Rule Drive Growth | Millennium Trust Company

Millennium Doubles Private Fund Assets Under Custody - Advisors Seeking to Comply with SEC Custody Rule Drive Growth

November 5, 2013

Oak Brook, IL - November 5, 2013 - Millennium Trust Company, with approximately $8.4 billion in total assets under custody, announced today that assets under custody for private funds topped $2 billion as of September 30, 2013;  an increase of approximately $1 billion within the last 12 months.
“There has been strong growth in nearly all areas of Millennium’s business,” said Millennium Trust CEO Scott McCartan, CFA®, “However, we are seeing a significant acceleration in growth coming from our Private Fund Custody service. We created the service in anticipation of the need for a scalable, customizable and cost effective solution for private fund advisors as a result of the amended SEC custody rule and have built a reputation in the industry for our ability to solve for unique custody requirements. This led us, quite naturally, into the emerging and fast moving online P2P Lending space. A significant amount of the growth we’re seeing is coming from that space in particular.”

Since launching the Private Fund Custody service in 2010, Millennium Trust has leveraged its 10+ years of expertise in alternative asset custody to offer the ability to create solutions tailored specifically to a client’s needs. This includes collaborating with emerging investment technology firms looking for a custody solution where one does not currently exist.    

Millennium Trust’s work with two of the largest players in online P2P lending continues to attract the attention of a wide range of firms that are pioneering the way investors are able to access alternative investment offerings; everything from P2P lending to equity crowdfunding and independent, managed account platforms.

“We’re excited to be a key service provider to some of the industry leaders in this emerging space”, said Sr. Vice President for Millennium Trust, Jeremy Christensen, “but we also pride ourselves in providing expert custody and client service for all private funds, whether they are valued at one hundred thousand or one hundred million dollars.”

The Private Fund Custody service is designed to provide registered investment advisors with the specific custody and reporting services they may need with regards to the Securities and Exchange Commission’s (SEC) Custody Rule 206(4)-2 under the Investment Advisors Act of 1940. Millennium Trust offers scalable solutions, customized pricing and a dedicated relationship management team–aligned to deliver the highest level of service to investment sponsors, advisors and their individual high net-worth clients.
About Millennium Trust Company
Millennium Trust Company is a leading financial services company offering niche alternative custody solutions to institutions, advisors and individuals. We serve as a complement to services offered by other custodians. Our innovative solutions include rollover solutions, alternative asset custody, private fund custody and advisor support services. Additional information about Millennium Trust Company may be found at

Millennium Trust performs the duties of a directed custodian and, as such, does not perform due diligence on prospective investments, sponsors or service providers and does not sell investments or provide investment, tax or legal advice.