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IRA Alternatives Custodian Grew Assets by $3 Billion in 2014

Self directed IRA custodian, Millennium Trust Company, recently announced that assets under custody grew about $3 billion this year, marking the seventh year in a row it’s enjoyed record growth.

Millennium boasts about $12 billion in assets under custody for approximately 320,000 accounts. Not only are assets up, revenues are too, by over 30%. The custodian has added 26 new team members this year to service the new accounts.

Contributing to Millennium’s growth has been an increased appetite for alternative investments.

The custodian’s Alternative Solutions Group has worked to be considered the go-to custody solutions provider for peer-to-peer online lenders.

“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.

In 2015, the company plans technology enhancements that will integrate an online alternative investment network with the account opening process, which will make it easier for investors to open a self-directed IRA and select investments in one seamless experience.

“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.”