Circle Trust Acquires Assets of Cambria Trust Services; Orbitex Continues Building Its Trust Business.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 19, 2000 Circle Trust Company(TM) (Circle Trust), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Orbitex Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Group, today announced that it has acquired the assets, including personnel, of the Vermont-based Cambria Trust Services from Chittenden Trust Company, a Burlington, Vermont-based bank. Cambria Trust Services, a trust operations outsourcing provider, has more than $1.2 billion in assets under administration. Circle Trust, a limited purpose trust company with more than $8 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and administration, is based in Stamford, Connecticut Stamford is a city in Fairfield County, Connecticut, United States. According to 2006 Census Bureau estimates, the population of the city is 119,261, making it the fourth largest city in the state. . Terms of the agreement were not disclosed. Richard Stierwalt, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Orbitex Financial Services Group, said, "Orbitex, has a strong commitment to expanding our trust services offering through Circle Trust Company. This acquisition complements and strengthens the services we offer to our existing and future customers. We believe this acquisition will allow us to experience tremendous growth in this side of our business." Circle Trust offers wealth management services, handles investment management and administration and acts as custodian bailee (custodian) n. a person with whom some article is left, usually pursuant to a contract (called a "contract of bailment"), who is responsible for the safe return of the article to the owner when the contract is fulfilled. and trustee for institutions, individuals, commingled funds Commingled Fund A type of mutual fund consisting of assets from several accounts that are blended together. Sometimes called a "pooled fund." Notes: They are "commingled" to reduce the costs of managing them separately. and retirement plans. The firm also offers TPA (Transient Program Area) See transient area. TPA - Transient Program Area Connection(SM) -- an electronic mutual fund trading and trust reconciliation product designed for third party administrators of defined contribution retirement plans. Cambria specializes in outsourcing of trust operations including custody services, trust accounting, performance measurement, trade order tracking system, client reporting, Internet client access and outsourcing operations services to banks. "In our continued pursuit to offer a full-service trust product to clients, we are thrilled to have Cambria join Circle Trust," commented Louis Celentano, chairman and CEO of Circle Trust. "The addition of their expertise will make our company stronger and allow us to expand our unique platform." Bruce F. Potter, vice president of Cambria added, "We are excited to join with Circle Trust. With its focused approach and its size and strength in the industry, we believe this combination is a great benefit to our existing services and a perfect fit for our company and our clients going forward." Circle Trust, a wholly owned subsidiary of Orbitex Financial Services Group, is a limited purpose trust company chartered by the State of Connecticut in 1995. The company has more than $8 billion in assets under management and administration. Orbitex, which established its U.S. operations in 1997, plans to continue to build its business nationally through a combination of acquisitions and internal growth. The Orbitex Financial Services Group has over $16 billion in assets under management and administration. The Orbitex Group of Companies was founded in 1986 and has ten offices globally. |
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