PENSCO Named Successor Custodian for Merrill Lynch Retirement Accounts Invested in Alts
PENSCO Trust Company, an alternative asset IRA custodian and subsidiary of Opus Bank (Nasdaq: OPB), entered into an agreement with Merrill Lynch to custody certain alternative assets, such as non-traded REITs and unregistered limited partnerships.
PENSCO will also open new accounts for Merrill Lynch clients that hold alternative investments in their individual retirement accounts and qualified plans. The transfer of accounts occurred on May 22, 2017.
PENSCO is an alternative asset IRA custodian, with more than $13 billion of custodial assets and approximately 47,000 client accounts with investments in private equity, real estate, notes, cash, and other non-exchange traded assets. Opus Bank is a California-chartered commercial bank with $8 billion of total assets, $5.4 billion of total loans, and $6.7 billion in total deposits as of March 31, 2017.
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