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 adviser network, with the addition of 6,000 advisers who currently work with Lincoln.
According to the companies, 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’S 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, advisers and investment sponsors. The platform’s image document capabilities will minimize the physical movement of paperwork associated with account administration.
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.