American Trust Company recently completed its asset acquisition of LT Trust Company after receiving required regulatory approval.
The retirement solutions provider first announced its intent to acquire the Denver-based 401k recordkeeper in June. LT Trust provides open architecture 401k recordkeeping, outsourced retirement solutions, and other administrative plan solutions to approximately 4,500 retirement plans and 115,000 participants across all 50 states. The acquisition is just the latest example of a consolidation frenzy as firms seek to increase efficiency and scalability.
“The recordkeeping landscape has become increasingly complex as participant needs shift and technology evolves, and we are hearing louder calls for support among individual plan advisors and large institutions,” said Micah DiSalvo, Chief Revenue Officer at American Trust.
“American Trust has proudly served as a trusted partner to the retirement community throughout our history and I am thrilled to welcome LT Trust to our family. LT Trust has a longstanding reputation for delivering high-quality services and solutions and their capabilities will significantly enhance the resources, tools, and technology we can provide for our partners.”
Acquisition streak
This is American Trust’s third strategic acquisition in the past 12 months with Stanley Benefit Services and Unified Trust rounding out the buying spree. American Trust and its affiliates support over $125 billion of total retirement assets under advisement, management, or custody. American Trust is a subsidiary of EdgeCo Holdings, a leading provider of technology-enabled solutions to financial intermediaries and their clients.
The firm will keep a presence in Denver and LT Trust Chairman and CEO Bob Beriault will remain as a consultant.
“American Trust is widely regarded for its commitment to empowering advisor success and supporting stronger outcomes for retirement investors,” said Beriault. “The company is focused on creating a streamlined experience that’s rooted in quality service, and we are eager to bring LT’s technology and innovation to further enhance the advisor and client experience.”
Lynn Brackpool Giles is a contributing editor to 401(k) Specialist. Giles is a former Managing Director of Communications and Consumer Services for the Financial Planning Association (FPA), where she oversaw all corporate, legislative, and consumer communications. In her current journalistic practice, she is a frequent contributor to numerous financial services industry publications.
