LAS VEGAS, Sept. 26, 2013 /PRNewswire/ -- Provident Trust Group has acquired Guidant Financial's self-directed IRA business, an acquisition that marks one of the largest deals in the history of the company. The fast-growing Las Vegas trust specializes in alternative asset custody and administration.
"The acquisition of Guidant's self-directed IRA administration business expands Provident's self-directed IRA footprint and presents exciting opportunities to further execute on Provident's long-term growth strategy," said Theresa Fette, CEO of Provident Trust Group. "With the expanded capabilities Provident has acquired from Guidant, we aim to lead the industry in self-directed IRA options."
Guidant Financial facilitated over $1.45 billion in assets in more than 9,000 self-directed IRA accounts. Prior to the Guidant Financial acquisition, Provident had over $3.5 billion in custody with customers in all 50 states and had been named to the Inc. 5000 list of the nation's fastest growing companies for three straight years.
"Self-directed IRAs were one of our first offerings and have been a huge success over the past 10 years, helping many of our clients achieve the level of control needed to make the types of alternative retirement investments they desired," said David Nilssen, CEO of Guidant Financial. "As we examined the evolving needs of our customers and company mission of increasing the number of entrepreneurs who succeed in small business, it became apparent that putting a greater focus on our small business and franchise financing services, like rollovers for business startups and SBA loans, is the right direction for ongoing company growth. As a leader in their space, Provident was the perfect company to serve our self-directed IRA customers going forward."
The purchase also ranks as one of the largest recent self-directed IRA acquisitions in the nation. Other recent acquisitions and mergers in the self-directed IRA sector include last year's merger of PENSCO and Lincoln Trust. These deals highlight the rapid growth of self-directed IRAs as investors holding $5 trillion in retirement accounts look outside of the traditional mutual fund and stock market offerings to alternative investments that can include real estate, private equity, precious metals or venture capital.
With the Guidant Financial acquisition, Provident Trust Group cements its position as one of the fastest growing industry leaders in self-directed IRAs and the largest trust company in the State of Nevada. Provident specializes in establishing self-directed retirement accounts, coordinating with third-party administrators for business plans, and administering client-directed traditional and non-traditional investments. The Nevada company's tax expertise, private ownership and independence from large investment banks has allowed Provident to offer affordable fee structures, renowned customer service and industry-leading retirement account expertise.
For more information about Provident Trust, visit: www.trustprovident.com
About Provident Trust Group: Provident Trust Group, LLC is a full service trust company, licensed and bonded for the purpose of administering custodial services, with an emphasis on self-directed retirement plan administration for individuals and businesses. Provident prides itself on providing clients with both complete, innovative retirement solutions and personalized customer service. The company is grounded in the single-minded focus of helping clients manage their risk while also improving profitability.
SOURCE Provident Trust Group, LLC