SOURCE: Millennium Trust Company

Millennium Trust Company

May 10, 2011 10:00 ET

Millennium Trust Company Announces Private Fund Custody Service Program for RIAs

OAK BROOK, IL--(Marketwire - May 10, 2011) - Millennium Trust Company proudly announces today the formal launch of its Private Fund Custody Services program. The program provides a solution for Registered Investment Advisors (RIAs) seeking an independent Qualified Custodian to comply with the amended Custody Rule 206(4)-2 enacted in March 2010. Over the past year, RIAs have reached out to Millennium Trust to custody their private funds as it has a decade of expertise as a custodian for both alternative and traditional assets. The launch of this program is timely as it supports Advisors who are required to comply with the Private Fund Investment Advisers Registration Act of 2010 under the Dodd-Frank Act.

For the Private Fund Custody Services offering, Millennium Trust acts as a Qualified Custodian and establishes an account on behalf of the private fund. Millennium holds custody of all the private funds' underlying assets in its name as custodian for the fund. As required, Millennium sends quarterly statements to all investment participants. Whether the private fund is self-administered or administered by a third party, Millennium delivers additional customized custodial services upon request.

"It is a natural progression for Millennium Trust to leverage our custody expertise of alternative assets in individual accounts to provide this service at the institutional level. We are equipped to custody advisor controlled funds, hedge funds, funds of funds and private equity funds," states Scott McCartan, CEO of Millennium Trust.

Millennium's unique advantages include its in-house technical expertise in providing data integration to the RIA's portfolio management system and its ability to deliver data to fund managers, administrators and tax professionals when needed. Millennium Trust is chartered by the State of Illinois to provide administrative and custodial services and is audited yearly by two separate independent audit firms.

Chris Bellamy, Partner at Cohen Fund Audit Services, states, "Millennium Trust appears to be the only specialized alternative asset custodian who is proactively addressing the needs of RIAs by creating a custody service solution specifically for private funds and their underlying alternative assets."

For additional information on Millennium's Private Fund Custody Service visit or contact Sandra Reese, Program Manager at 630-368-5645.

About Millennium Trust Company

Millennium Trust Company is an industry leader in administrative and IRA custodial services. Millennium custodies alternative and traditional assets in IRAs, Solo 401(k)s and custody accounts, offers private fund custody services, creates customized Automatic Rollover programs, provides integrated Health Savings Account solutions and designs unique trading platforms for Investment Advisors. 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.

About Cohen Fund Audit Services

Cohen Fund Audit Services is a full service audit and tax firm focused on servicing various members of the investment industry. Cohen Fund Audit Services, Ltd. performs audit and other attest and tax services for mutual funds, hedge funds and investment partnerships, broker/dealers, and investment advisers.

As a public accounting firm registered with Public Company Accounting Oversight Board, our firm is subject to inspection by the PCAOB to assess our compliance with the Sarbanes-Oxley Act, the rules of the Board and the SEC and professional standards. Additional information on Cohen Fund Audit Services can be found at

Contact Information

  • Contact Information

    Mary Hackbarth
    SVP, Director of Marketing
    Millennium Trust Company
    Email Contact


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