June 06, 2016
Opus Bank Announces Its PENSCO Trust Subsidiary Entered into a Referral Agreement with UBS Financial Services for Certain Clients with Alternative Assets in Retirement Accounts
By: Business Wire, Inc.
IRVINE, Calif. — Opus Bank (“Opus”) (NASDAQ: OPB) announced today that its wholly-owned subsidiary, PENSCO Trust Company (“PENSCO”), a leading tech-enabled alternative asset IRA custodian, with approximately $11 billion of custodial assets and 43,000 client accounts with investments in approximately 40,000 unique assets comprised of private equity, real estate, notes, cash, and other non-exchange traded assets, has entered into an agreement with UBS Financial Services Inc. (“UBS”) to custody certain UBS clients’ individual retirement accounts, qualified plans, and other self-directed custodial accounts that are invested in alternative assets. The agreement provides that UBS’ Financial Advisors will have the opportunity to begin referring clients who hold or are interested in holding certain alternative assets to PENSCO.
Kelly Rodriques, President and CEO of PENSCO and Executive Vice President – Wealth Services of Opus, stated, “We are excited to be working with one of the leading wealth managers in the country and look forward to a successful relationship based on our decades of experience and expertise in acting as a custodian for alternative assets held in self-directed IRA custodial accounts. Our 25 year history of specialization, innovation, and success combined with PENSCO’s Alt-Nav™ technology solution, which received the award for ‘Most Innovative Technology Solution’ at this year’s HFM US Technology Awards, separates PENSCO from other alternative asset custodians.”
Patrick Hughes, SVP, Business Development, concluded, “We’re proud to have won the confidence of UBS on behalf of their clients. This serves as further validation of the important role PENSCO plays as a leading alternative asset custodian. We intend to leverage this achievement to meaningfully increase PENSCO’s client base, assets under custody, and market presence.”