Founded in 1989, PENSCO is celebrating 30 years
Throughout our history, PENSCO has helped clients take an active role in their retirement investments, providing them with the opportunity to diversify their portfolios and grow wealth, their way. With 30 years under our belts, we're proud to offer award-winning expertise to both individual and institutional investors.
- Founding & Early Years | 1989-2009
- Expansion & Innovation | 2010-2015
- Acquisition & Continued Growth | 2016-Present
Founding & Early Years | 1989-2009
PENSCO's story begins in 1974, when Individual Retirement Accounts (IRAs) are introduced as part of the Employee Retirement Income Security Act (ERISA) legislation, enacted to regulate employee benefit plans. In 1989, Tom Anderson starts PENSCO when he sees an opportunity to help people invest in non-standard assets – like real estate, private equity, and other complex investments – with their IRAs.
PENSCO quickly emerges in the industry as a technology pioneer and becomes an active member of the Retirement Industry Trust Association (RITA), which works to advocate for and educate both consumers and professionals about the self-directed IRA industry. In 2010, after running the company for 21 years, Tom Anderson transitions the role of CEO to a new leader. While maintaining his role as Chairman of PENSCO, he becomes president of RITA - a role he continues to hold through 2019.
Expansion & Innovation | 2010-2015
PENSCO experiences rapid growth, growing from $5 billion to $10 billion in Assets Under Custody and serving up to 50,000 clients.
In 2012, San Francisco-based PENSCO acquires the self-directed IRA business of Lincoln Trust, a Denver-based alternative asset custodian, and becomes the largest independent custodian of alternative investments based on assets under custody in the United States. From the acquisition, PENSCO focuses on growing its operations in Denver and in 2015 launches the award-winning Alt-Nav fintech solution that streamlines the alternative asset investing process.
Acquisition & Continued Growth | 2016-Present
In 2016 PENSCO enters a new chapter when it is acquired by Opus Bank ("Opus") (NASDAQ:OPB), a regional bank headquartered in Irvine, California which provides commercial and retail banking products. Opus Bank board member, Curtis Glovier, takes the helm as PENSCO’s Chairman & CEO where he continues to lead today.
In addition to serving retail clients, PENSCO expands its focus to institutions and financial advisors. The company becomes successor custodian to top-shelf firms and large broker-dealers, and creates an innovative API solution to provide custodial support to online investment platforms.
PENSCO continues to make it possible to invest in alternative assets within an IRA market that’s positioned for growth, committed to leading the industry in providing unmatched service and education to self-directed IRA investors.