OAK BROOK, Ill., Aug. 2, 2017 /PRNewswire/ -- Growth continues to be the theme in the second quarter of 2017 for Millennium Trust Company®, a leading provider of specialized custody solutions for businesses, institutions, advisors and individuals. Assets under custody grew to $23.3 Billion in nearly 600,000 custodial accounts, increases that are attributable to the firm's commitment to empowering its clients with unmatched service, comprehensive access, and trusted expertise.
Millennium has also made several strategic hires to support their relevant new product offerings as well as its commitment to exceptional service to its clients. "We've added more than 10 percent to our workforce thus far in 2017 and we expect to add more new roles in the coming months. This growth is testament to our commitment to enhancing the client experience," Millennium Trust CEO, Gary Anetsberger noted.
Millennium has seen growth in all areas, especially in the Retirement Services group. More than 82,000 automatic rollover accounts were added in the second quarter of 2017, helping the firm to rapidly close in on its one millionth rollover account. To support that growth, the team has almost tripled in the past two years, and is expected to grow even more in the coming months. "We've been a leader in the automatic rollover business since it started in 2005, and have almost 50,000 agreements with plan sponsors," said Terry Dunne, Managing Director. "We are being proactive in anticipating our clients' evolving needs and expanding our team so we can support this growth with exemplary service."
The Custody Services team also continues to focus on growth and increasing access to alternatives. Millennium recently collaborated with Trust Company of America (TCA) to provide expanded access to alternative assets for TCA's more than 7,500 advisors. Prior to this agreement, TCA advisors could only hold alternative assets in clients' tax-advantaged portfolios on the TCA platform. With this relationship, TCA advisors can now custody clients' alternative assets for taxable portfolios as well. "Millennium Trust is proud and excited to be able to expand access to alternatives through alliances like this agreement with TCA," said Tom Daley, Managing Director. "This collaboration is an example of how Millennium is always looking for creative solutions to make alternative assets more accessible to advisors and their clients."
The Custody Services team also grew its Fund Custody business, which serves almost 400 private equity, hedge fund, real estate and marketplace lending funds, to more than $13.7 Billion assets under custody.
About Millennium Trust Company®
Millennium Trust Company is a trusted leader in specialized custody, empowering clients with unmatched service, access to a wide range of custody solutions and expertise they can count on. Whether managing 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.
Trust Company of America and Millennium Trust Company are not affiliated.
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SOURCE Millennium Trust Company