OAK BROOK, Ill., July 21, 2016 /PRNewswire/ -- Millennium Trust Company, a leading provider of technology-enabled custody solutions for institutions, advisors, and individuals, today announced an increase in custodial accounts to 458,000 and growth in assets under custody to $18.9 billion during the second quarter of 2016.
In addition, two new platforms have been added to the Millennium Alternative Investment Network (MAIN)™, bringing the total of participating companies to 11. The new platforms now available on MAIN are 1000 Angels and Glide Capital.
1000 Angels is an investor network that allows its members to build a venture portfolio of early–stage startups, free of management fees, carried interest, and large capital commitments. Its members enjoy access to exclusive conferences and events where they can meet like-minded people, and get access to some of the most sought after early-stage investment opportunities in the world.
Glide Capital offers a platform of unique alternative investment opportunities, providing investors access to multiple strategies within the private credit industry. The Glide Capital team commits substantial resources to sourcing unique investment opportunities and has built a strong infrastructure that can be leveraged by other wealth management firms to efficiently build well-diversified portfolios.
"Millennium Trust continues to believe in the importance of diversification and broader access to alternative investments," said Millennium Trust's CEO Gary Anetsberger. "We continue to add investment platforms to MAIN and welcome 1000 Angels and Glide Capital onto the platform."
Another highlight of Millennium Trust's latest quarter is the launch of a centralized online portal that helps speed up the custody portion of the often time-consuming process of investing in alternative assets. By improving the workflow for tracking investment documentation, form submissions, and communications between investment sponsors, investors, and service providers, Millennium Trust has taken another step towards its overall goal of creating an end-to-end, digital custody solution for complex, documentation-heavy, non-traditional assets.
Additionally in the last quarter, Millennium Trust introduced a new online search tool to help individuals find unclaimed retirement funds held at Millennium Trust that they may have inadvertently left behind when changing jobs.
Millennium is committed to helping reunite account holders with their retirement funds. Terry Dunne, Managing Director of the Rollover Solutions Group, said, "We have a comprehensive set of procedures in place to search for missing account holders and we find the correct address for the majority of the individuals who are missing or non-responsive at the time their account is rolled over from a previous retirement plan to us."
"We work closely with retirement plans, recordkeepers and advisors who are putting appropriate processes and procedures in place to fully comply with the DOL's new fiduciary rule that takes effect next April," added Dunne. "The rule represents a groundbreaking change. Millennium Trust is fully engaged in providing services to our clients who are getting ready to be in full compliance by next year's deadline."
For more information about Millennium Trust's services for retirement plans, alternatives investments, and fund custody, please visit www.mtrustcompany.com.
Millennium Trust does not provide due diligence to third parties on prospective investments, platforms, sponsors or service providers and does not sell investments or provide investment, tax or legal advice. Millennium Trust does not endorse any platform or investment, including platforms and investments which may be reached through MAIN. The views and information regarding investments available through a platform represent solely the views of, and information provide by, that platform.
About Millennium Trust Company
Millennium Trust Company provides innovative custody solutions for IRA rollovers, alternative assets, and private funds. With $18.9 billion in assets under custody and more than 458,000 accounts under administration (as of 6/30/2016), Millennium Trust Company is a leader in providing custody services for both alternative and traditional assets. Millennium Trust performs the duties of a directed custodian. As such, it does not provide due diligence to third parties on prospective investments, sponsors or service providers and does not sell investments or provide investment, tax or legal advice. For more information about Millennium Trust Company visit: http://www.mtrustcompany.com
SOURCE Millennium Trust Company