Millennium Trust Company® Continues Growth Trajectory, Announces Acquisition
OAK BROOK, Ill., Aug. 13, 2018 /PRNewswire/ -- Millennium Trust Company, LLC ("Millennium Trust"), a provider of retirement and institutional custody services to advisors, financial institutions, businesses and individuals, reported a strong quarter of performance in the second quarter of 2018. The firm also was recognized in the Crain's Chicago Business Fast 50 as one of the top companies in the Chicago metropolitan area for outstanding revenue growth over the past five years.
"We are excited to continue our strong performance in the second quarter of 2018, and also to be recognized for achieving strong revenue growth over the past five years by being included in Crain's Chicago Business Fast 50 2018," said Gary Anetsberger, CEO of Millennium Trust. "I'm most proud of the fact that we've built a strong culture that has enabled us to remain focused on service while continuing to grow."
In early July Millennium Trust announced an agreement with The Bancorp Bank (Bancorp) to acquire approximately 160,000 automatic rollover IRAs. After the transfer of accounts from that acquisition, Millennium Trust will have more than $24.5 Billion in assets under custody.
The acquisition builds on a successful quarter for Millennium Trust's Retirement Services team that promotes retirement readiness in America. The firm now has more than 86,000 agreements with plan sponsors and more than 1 million individual retirement accounts.
"We are proud that we continue to grow our business across many retirement service lines, including automatic rollovers which has been our core service offering for more than a decade," said Terry Dunne, Managing Director of Retirement Services. "As a leading retirement service provider, we are aggressively developing other retirement services, including our Workplace Savings Solutions that enhance retirement readiness for the many Americans that do not have access to a retirement plan at work."
Millennium Trust's Institutional Custody Services team introduced a refreshed Millennium Alternative Investment Network® (MAIN®) in the second quarter. MAIN is a free research, education and alternative investment resource that helps investors and advisors increase their understanding of alternative assets, and provides access to investing through streamlined processes.
Institutional Custody Services closed out the second quarter with more than $12.8 Billion in assets under custody in more than 450 private and public funds. The team demonstrated its leadership in the custody of alternative assets, with almost 15,000 unique alternative assets under custody at the end of the quarter.
"We've built a robust sales team and we are actively focused on reaching out to advisors, investment sponsors and other influencers to educate them about how they can incorporate alternative assets into their business," said Tom Daley, Managing Director of Institutional Custody Services. "From our research, we know that education about alternatives is the biggest hurdle, and we are committed to sharing our expertise to increase access to alternatives."
The accomplishments in the second quarter of 2018 are examples of Millennium Trust's sustained growth, its commitment to continued growth, and its commitment to providing unmatched service, secure and easy access to a wide range of custody solutions, and trusted expertise.
About Millennium Trust Company®
Millennium Trust Company is a trusted leader in specialized retirement and institutional custody services, empowering clients with unmatched service, access to a wide range of custody solutions and expertise they can count on. Whether it's the custody of alternative assets, investment accounts or retirement funds, Millennium Trust is uniquely qualified to support our clients' success.
Millennium Trust Company performs the duties of a directed custodian, and as such does not provide due diligence to third parties on prospective investments, platforms, sponsors or service providers and does not sell investments or provide investment, legal, or tax advice. For more information about Millennium Trust Company, visit mtrustcompany.com, or follow on Twitter and LinkedIn.
SOURCE Millennium Trust Company
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