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PENSCO and Lincoln Join to Create New Market Leader

PENSCO Trust and Lincoln Trust Combine Capabilities to Create New Market Leader

PENSCO's Expertise in Alternative Assets and Lincoln's Award-Winning Technology Give Investors More Solutions To Build Wealth In Self-Directed IRAs

SAN FRANCISCO and DENVER – PENSCO Trust and Lincoln Trust, two of the nation's largest, independent custodians of alternative assets, today announced they will combine capabilities to create a market leader with greater resources to serve independent-minded investors and their financial advisors throughout the United States.

Headquartered in San Francisco, the company will be called PENSCO and have more than $10 billion in assets, 57,000 clients and operations across the country. PENSCO will expand the range of alternative assets clients can hold in tax-advantaged accounts to include investments in private equity, venture capital, start-up companies, real estate, notes and precious metals. PENSCO will also expand its advisor network, with the addition of 6,000 advisors who currently work with Lincoln.

The transaction, which is expected to close in March and is subject to regulatory review by state regulators, will make PENSCO the nation's largest independent custodian of alternative investments by assets.

"PENSCO is creating a firm with institutional scale and national reach to handle the accelerating growth of alternative assets across the U.S.," said PENSCO CEO Kelly Rodriques. "After a decade of poor stock market performance, investors and advisors are increasing their asset allocation to alternative investments to rebuild wealth. At the same time, banks and broker-dealers are migrating alternative asset accounts to independent custodians that have special expertise to administer these complex assets. PENSCO will be at the nexus of these major changes in the investment retirement industry and is well-positioned to serve the needs of investors, advisors and institutions."

PENSCO's enhanced technology platform will streamline the process of investing in alternative assets in tax-advantaged accounts. PENSCO will now have the capability to create an all-electronic process for clients, advisors and investment sponsors. The platform's image document capabilities will minimize the physical movement of paperwork associated with account administration. PENSCO's straight-through-processing functionality will create a single, easy-to-use platform for all parties administering alternative assets.

"PENSCO is creating a seamless, integrated process that will enable individual investors, financial advisors, plan sponsors, attorneys and accountants to administer alternative assets more intelligently and conveniently," Rodriques said. "By simplifying a time-consuming and paper-intensive process, PENSCO will make alternative assets more accessible to self-directed investors who want to diversify their portfolios by putting high-growth assets in IRA accounts."

Lincoln Trust To Focus on Employer-Sponsored Market

Lincoln Trust will retain its 401(k) business and remain an independent entity that provides a complete set of solutions to employer-sponsored retirement plans. Lincoln Trust is currently among the nation's leading providers of open architecture 401(k) and other sponsored plans.

Bob Beriault, CEO of Lincoln Trust said, "Lincoln Trust is one of the most innovative and successful solution providers to the employer-sponsored market. With its exclusive focus on this growing business, Lincoln Trust will have greater resources to serve clients and build on its market leadership."


PENSCO Trust Company is a world-class custodian that helps independent-minded investors build wealth in tax-advantaged accounts. Founded 22 years ago, PENSCO provides comprehensive services that enable investors to hold alternative assets, such as private equity or debt, venture capital, start-up companies, real estate, unsecured notes, mortgages, foreign currency and precious metals. A regulated banking company, PENSCO also works through institutions, providing services to plan sponsors, Registered Investment Advisors, financial planners, family offices, accountants, attorneys and other advisors seeking a proven custodian for their clients. PENSCO has more than $10 billion in assets under custody and 57,000 clients. For more information, visit or call 1-866-818-4472.

About Lincoln

Located in Denver, CO, Lincoln Trust provides trust, custodial, recordkeeping and administration services to open architecture 401(k) plans and other defined contribution plans. By providing access to 24,000 mutual funds and 900+ETFs without any proprietary product requirements and by using all revenue sharing payments to offset plan expenses, Lincoln Trust is able to offer low cost 401k plan solutions to advisors and plan sponsors in the small and mid-size plan markets. For more information, visit or call 855.719.5796.

PENSCO and Lincoln Trust perform the duties of an independent custodian and, as such, do not provide investment advice, do not sell investments and do not offer tax or legal advice. Investments are not FDIC insured and are subject to risk including the loss of principal.