Parthenon Capital Partners, a private equity firm, has signed a definitive agreement to invest in Millennium Trust Company, a provider of technology-enabled asset custody solutions for institutions, advisers and individuals.
Millennium Trust Company will continue to operate as an individual firm with the funds from Parthenon Capital providing growth capital and liquidity to certain shareholders. “We welcome Parthenon’s investment and expertise as we look to accelerate Millennium Trust’s growth and strengthen our position as a leading provider of technology-enabled custody and administrative solutions,” says Scott McCartan, chief executive officer of Millennium Trust.
Headquartered in Oak Brook, Illinois, Millennium Trust has continued to experience significant growth over the past few years across its three product areas: rollover solutions, alternative asset custody solutions, and private fund custody. The company says its technology-based individual retirement account (IRA) rollover solutions help many of the nation’s largest retirement plan sponsors lower plan costs, reduce liabilities and focus on current participants.