Millennium Trust Company Reaches $1 Billion in Private Fund Assets Under Custody
(firmenpresse) - OAK BROOK, IL -- (Marketwire) -- 03/20/13 -- , a leading financial services firm specializing in the custody of and , announces it has reached $1 billion in fund assets under custody in less than two years of launching the firm's . With efforts to deter fraud, safeguard client assets and provide further transparency, the Securities and Exchange Commission (SEC) made amendments to the under the Investment Advisers Act of 1940 resulting in a new need for private fund advisors to engage the services of an independent qualified custodian. Although the amended rule has been in effect for quite some time, many advisors to private funds are still unsure as to which assets are required to be held with a .
As the SEC continues to ramp up its examination process, advisors are gaining a better understanding of how the custody rule applies to their practice and are actively searching for a qualified custodian who can address their specific custody needs. Earlier this month, the SEC issued a stating that one-third of the advisory firms examined showed significant deficiencies involving advisor custody and safety of client assets. Millennium Trust's service can effectively address each specific custody need to funds that range in value from a few hundred thousand dollars to funds steadily growing towards one billion dollars in value. Leveraging over a decade of experience in alternative asset custody, Millennium Trust is the only specialized custodian to provide a scalable, customizable and cost effective solution to private fund advisors.
"We recognized early on that if we took a proactive approach and capitalized on our expertise, we could effectively address the unique custody needs of advisors to private funds and help reduce the burdens those fund managers faced as a result of the amended custody rule," states Sandra Reese, SVP and Private Fund Custody Manager at Millennium Trust.
Millennium Trust's qualified custodian service has also attracted firms that are developing alternative investment products based on peer-to-peer lending and investing through various crowdfunding platforms.
"A large financial institution suggested that we speak with Millennium Trust regarding our unique custody requirements. We were delighted to discover a qualified custodian willing to collaborate with us to create tailored solutions that addressed both our immediate and future custody needs," stated Carrie Dolan, CFO of LC Advisors and Lending Club, a leading platform for investing in and obtaining personal loans.
In this current regulatory environment, advisors can greatly benefit from Millennium Trust's Private Fund Custody service as it is designed to meet the specific custody and reporting needs defined by regulation while offering scalable service solutions, customized pricing and dedicated senior account managers. Millennium Trust only foresees robust future growth of their Private Fund Custody service as the need for advisors to offer investors an extra level of asset protection continues to increase and the services of a qualified custodian effectively provide all parties with a beneficial solution.
About Millennium Trust Company
is a leading financial services firm offering niche alternative custody solutions to institutions, advisors and individuals. We serve as a complement to traditional services offered by other custodians. Our innovative solutions include , , and . Additional information about Millennium Trust Company may be found at .
Millennium Trust performs the duties of a custodian and, as such, does not provide investment advice or sell investments, nor offer any tax or legal advice.
Mary Hackbarth
SVP, Director of Marketing
Millennium Trust Company
630.368.5642
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 20.03.2013 - 19:00 Uhr
Sprache: Deutsch
News-ID 241556
Anzahl Zeichen: 0
contact information:
Town:
OAK BROOK, IL
Kategorie:
Commercial & Investment Banking
Diese Pressemitteilung wurde bisher 290 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Millennium Trust Company Reaches $1 Billion in Private Fund Assets Under Custody"
steht unter der journalistisch-redaktionellen Verantwortung von
Millennium Trust Company (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
