Millennium Trust Reports Record Growth Across All Business Units

Technology-Enabled, Client Service Focus; Keys to Growth in Evolving Market

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Dec 11, 2014, 09:30 ET

OAK BROOK, Ill., Dec. 11, 2014 /PRNewswire/ -- Millennium Trust Company today announced that it will close out 2014 on a high note, posting its seventh consecutive year of record growth. Assets under custody grew by nearly $3 billion to an estimated $12 billion, held in approximately 320,000 accounts. Revenues increased by over 30%. Millennium Trust now employs over 200 financial services professionals, up 26 from the same time last year.

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"The key has been our persistent focus on the client experience and our ability to create or provide custody solutions for even the most complex situations," said Millennium Trust CEO Scott McCartan. "To that end, we continue to allocate a significant amount of resources to technology. Not only does technology drive efficiencies into Millennium Trust's operations but it continues to power growth in all areas of our business. New accounts, total accounts, revenues and assets under custody have all increased year-over-year for seven consecutive years and we have no reason to expect that 2015 will be any different."

Interest in alternative assets has been a big part of Millennium Trust's growth story in recent years. The Alternative Solutions Group spent 2014 improving on its solid foundation. In addition to continuing to grow their position as the go-to provider of custody solutions for leading peer-to-peer, online lenders (a key driver of the group's growth), Millennium Trust is working on major technology initiatives for 2015 that will integrate their online account opening process with an online alternative investment network. The goal is to provide clients with a seamless online experience, from opening a self-directed IRA to directing account investments into any number of alternative assets.

"Our team's success can be attributed to strong relationships, leading technology and our expertise in creating custody solutions where none previously existed," said Reggie Karas, Managing Director of the Alternative Solutions Group at Millennium Trust. "Many of our most valuable relationships are a direct result of our willingness to explore new asset types, such as peer-to-peer loans and because we are able to leverage Millennium's 15 years of experience in providing custody for alternative assets to create customized solutions to meet their needs. As the alternative investment industry evolves and pushes further into the mainstream, we see a lot of opportunities and expect 2015 to be another outstanding year."

In October, Millennium Trust's Rollover Solutions Group opened its 500,000^th IRA and grew revenues by more than 30% during the year. In the process of working with over 23,000 plan sponsors on removing costly non-responsive participants from their plans, they have located roughly 85 to 95% of these missing participants; reuniting them with their retirement savings. The Rollover Solutions Group provides a highly sought-after and valuable service to small and midsized companies, as well as to 300 of the largest companies in the United States; helping these organizations reduce plan expenses while fulfilling their fiduciary duty to plan participants.

"At a time when total job separations per month are averaging 4.5 million, automatic rollovers are highly valued by plan sponsors and plan participants," said Terry Dunne, Managing Director of the Rollover Solutions Group. "By further extending our industry-leading technology offerings in 2015 with mobile-ready functionality and enhanced client service capabilities, we will be able to continue providing the highest level of service to plan sponsors while providing our IRA clients with access to the tools and educational materials they need to save for the retirement they imagine."

About Millennium Trust Company
Millennium Trust Company is a leading financial services company offering niche alternative custody solutions to institutions, advisors and individuals. The firm serves as a complement to services offered by other custodians. Their innovative solutions include rollover solutions, alternative asset custody, private fund custody and advisor support solutions. Millennium Trust performs the duties of a directed custodian and, as such, does not provide due diligence on prospective investments, sponsors or service providers and does not sell investments or provide investment, tax or legal advice.