Millennium Trust Company, a provider of alternative asset custody solutions to institutions, advisors, and individuals, announced today that assets under custody for private funds have surpassed $5.6 billion as of June 1, 2015, an increase of $600 million within the last six months. The firm’s total assets under custody exceed $13.5 billion.
Scott McCartan, chief executive officer of Millennium Trust Company, stated:
“We have experienced strong growth in all areas of Millennium’s business. However, we continue to see substantial acceleration in growth from our Private Fund Custody (PFC) service. We launched this business in late 2010 to address the need of private fund advisors for a scalable, customizable, and cost-effective solution to comply with the amended SEC Custody Rule and the increased demand for transparency following the Madoff scandal. As a result, we built a solid reputation in the industry for our ability to solve for unique custody requirements.”
The Private Fund Custody service is designed to provide registered investment advisors with the specific custody and reporting services they may need to comply with the Securities and Exchange Commission’s (SEC) Custody Rule 206(4)-2 under the Investment Advisors Act of 1940.
Jeremy Christensen, Millennium Trust Company’s director of Private Fund Custody, added:
“The explosive growth in alternative asset classes – specifically marketplace lending– has also contributed significantly to the success of our PFC service. We are a pioneer in creating unique custody solutions for this nascent and rapidly growing space. We are thrilled to be a key service provider for two of the largest players in marketplace lending, as well as a wide range of firms changing the way investors access alternative investments.”