Oak Brook, Illinois – October 27, 2016—Millennium Trust Company, a leading provider of specialized custody solutions for institutions, advisors, and individuals, has expanded the offering of its Fund Custody Solution to include custody for registered investment companies (’40 Act Funds) as well as verification services. The firm has also continued its established growth trajectory bringing the total assets under custody to $19.6 Billion in 481,912 custodial accounts.
“Millennium’s Fund Custody solution was created in late 2010 to address advisors’ need to comply with the SEC Custody Rule 206(4)-2, and to create much-needed transparency for the end investor,” said Gary Anetsberger, CEO of Millennium Trust. “The services quickly attracted advisor-controlled funds investing in alternative assets such as marketplace loans, private equity, hedge funds as well as traditional assets,” added Anetsberger.
Millennium’s Fund Custody expanded its services to support funds leveraging their loan portfolios by providing verification and certification services required by the funds’ credit facilities. “This new service offers the ease of having custody and verification services with one service provider,” noted Meg Zwick, Millennium Trust’s Director of Alternative Custody Services. In addition, Millennium expanded their services to include providing custody for ’40 Act Funds. Assets under custody within the fund custody division surpassed $10.8 Billion as of September 30.
In other developments, the Millennium Alternative Investment Network™ (MAIN)™, was a winner at the 2016 WealthManagement.com Industry Awards where it was honored for the firm’s technology advancements. MAIN was launched in January 2016 to provide advisors and high-net-worth investors an easier way to access alternative assets, ranging from private equity and hedge funds to crowdfunding and multi-strategy investments. MAIN allows investors to research investments on platforms listed on MAIN and complete the Millennium Trust account opening, funding and investing forms online rather than the inefficient paper-centric process traditionally used for alternative investments.
“We will continue to invest in MAIN’s technology and expand the number of platforms within the network as we realize our goal of making the custody of alternatives simpler and more accessible,” said Gary Anetsberger. During the most recent quarter, two additional platforms were added to MAIN, YieldStreet and RealtyShares, bringing the total up to 13.
YieldStreet connects accredited investors and asset-based investments across multiple asset classes including litigation finance, real estate & commercial finance.
RealtyShares is a leading real estate marketplace offering diversification across asset classes, geographies and products and more than $200 Million in funded deals over the last three years.
The quarter was also a busy one for Millennium’s Rollover Solutions Group, with the first wave of plans choosing the Prudential Guaranteed Fund as their initial investment option for automatic rollover IRAs for non-responsive, small balance accounts.
“This is an exciting time to be working in the retirement industry,” said Millennium Trust’s Rollover Solutions Group Senior Vice President and Managing Director Terry Dunne. “As we further develop technology to help retirement plan sponsors reduce their costs and simplify the process for participants, we look forward to working with the rest of the industry as well as government agencies on crafting creative solutions.”
As part of that effort, in August Dunne provided testimony to the Department of Labor’s ERISA Advisory Council on how technology can provide the key to solving the inefficiency of retirement plan transfers. He was also recently elected to a position on the Plan Sponsor Council of America’s (PSCA) Retirement Industry Advisor Committee (RIAC).
About Millennium Trust Company
Millennium Trust Company provides innovative custody solutions for IRA rollovers, alternative assets, and funds. Millennium Trust Company is a leader in providing custody services for both alternative and traditional assets. For more information about Millennium Trust Company visit: www.mtrustcompany.com
Millennium Trust performs the duties of a directed custodian. As such, it does not provide investment, tax or legal advice. Millennium Trust does not provide due diligence to third parties on prospective investments, platforms, sponsors or service providers and does not sell investments. Millennium Trust does not endorse any platform or investment, including platforms and investments which may be reached through MAIN.