American Trust Company, provider of retirement solutions to small- and mid-sized plan sponsors, has signed a definitive agreement to acquire Denver-based LT Trust Company.
The acquisition, which remains subject to regulatory approvals, will expand American Trust’s operational capabilities for institutional outsourcing and establish a greater presence in the Midwest and Western U.S., according to the June 24 announcement.
LT Trust provides open architecture 401(k) recordkeeping and other administrative plan solutions to over 4,300 plans and 100,000 participants, across all 50 states. Chairman and CEO Bob Beriault will continue as a consultant to American Trust, as well as a shareholder. In addition, the firm’s approximately 100 employees will join American Trust at the close of the transaction.
“LT Trust shares our deep commitment to advisor success, evident through the development of their advanced technology platforms and effective experience-driven solutions,” says Micah DiSalvo, Chief Revenue Officer at American Trust. “In addition, LT Trust has extensive experience in the institutional outsourcing space, allowing greater flexibility for participants and plan sponsors, while uniting various players across the industry with the shared goal of improving outcomes for participants. We are eager to leverage that expertise to further amplify the industry impact.”
This marks American Trust’s third acquisition in the past 12 months. American Trust is a subsidiary of EdgeCo Holdings, which services approximately $150 billion under custody, administration and wealth, working with more than 15,000 financial advisors and 500 financial institutions.
