Ascensus Closes Acquisition of IRA Asset Administrator Provident Trust Group.
M2 EQUITYBITES-January 23, 2018-Ascensus Closes Acquisition of IRA Asset Administrator Provident Trust Group
(C)2018 M2 COMMUNICATIONS http://www.m2.com
23 January 2018 - US-based financial solutions provider Ascensus has closed the acquisition of US-based IRA asset administrator and custodian Provident Trust Group, the company said.
Provident, a non-discretionary administrator and custodian of IRA assets, will become part of Ascensus' retirement division immediately upon closing of the acquisition.
Located in Las Vegas, Provident is one of the top independent providers of trust, custody, administration, and escrow services to the self-directed IRA markets.
The firm, which was founded in 2008, has more than USD 4bn in assets under custody and nearly 30,000 clients located in all 50 states.
Its clients range in size from small family trusts to multi-m dollar accounts and include individuals, multi-generational families, and family offices, as well as retirement accounts.
Macquarie Capital served as exclusive financial advisor and Howard and Howard acted as legal counsel to Provident. Drinker Biddle and Reath acted as legal counsel to Ascensus.
((Comments on this story may be sent to email@example.com))
|Printer friendly Cite/link Email Feedback|
|Publication:||M2 EquityBites (EQB)|
|Date:||Jan 23, 2018|
|Previous Article:||Aramark Closes Acquisition of AmeriPride to Expand Capabilities/Scope in Business.|
|Next Article:||AIG to Acquire Reinsurer Validus for USD 5.56bn in Cash.|