May 24, 2017
Entered into Agreement to Become Successor Custodian for Merrill Lynch Retirement Accounts Invested in Certain Alternative Assets
By: Business Wire, Inc.
IRVINE, Calif. — Opus Bank (“Opus”) (Nasdaq: OPB) announced today that its wholly-owned subsidiary, PENSCO Trust Company (“PENSCO”), has entered into an agreement with Merrill Lynch to custody certain alternative assets, such as non-traded REITs and unregistered limited partnerships, and open new accounts for their clients’ individual retirement accounts and qualified plans that are invested in these assets. PENSCO is a leading tech-enabled alternative asset IRA custodian, with more than $13 billion of custodial assets and approximately 47,000 client accounts with investments in more than 42,000 unique asset types comprised of private equity, real estate, notes, cash, and other non-exchange traded assets. The transfer of accounts occurred on May 22, 2017.
Curtis Glovier, Chairman and CEO of PENSCO and Senior Executive Vice President of Opus, stated, “We are pleased that Merrill Lynch has selected PENSCO Trust Company for these alternative assets held in self-directed IRAs.”
Patrick Hughes, President of PENSCO, added, “We are very excited about our relationship with Merrill Lynch and look forward to demonstrating our leadership in servicing retirement accounts that hold alternative assets.”