06/24/2021
MEMPHIS, Tenn. — American Trust Company (American Trust), a leading, full-service provider of retirement solutions to small- and mid-sized plan sponsors, has signed a definitive agreement to acquire Denver based LT Trust Company (LT Trust), a national retirement plan provider and recordkeeper. The acquisition, which remains subject to customary regulatory approvals, will add significant talent and technology, expand American Trust’s operational capabilities for institutional outsourcing, and establish a greater presence in the Midwest and Western U.S.
LT Trust is a full-service retirement plan provider, offering recordkeeping, trust, and custodial services to financial intermediaries and their clients. LT Trust has a long history of successfully partnering with both individual plan advisors as well as large institutions on an outsourced basis. The firm provides its open architecture 401(k) record keeping and other administrative plan solutions to over 4,300 plans, 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, and the firm’s approximately 100 employees will all 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,” said 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.”
“It is more important than ever to be innovative and technology-focused to succeed in today’s retirement landscape,” added Beriault. “American Trust is recognized for the commitment it’s made to the retirement space, consistently innovating and growing to better serve its clients throughout the retirement ecosystem. We are excited to join the team and provide additional technology, services and resources to our collective clients.”
This is American Trust’s third strategic acquisition in the past twelve months and represents a continuation of the company’s rapid growth trajectory. Following the closing of the transaction, American Trust and its affiliates will support over $125 billion of total retirement assets under advisement, management or custody. The acquisition strategy supports the firm’s objectives of delivering comprehensive services to financial institutions and intermediaries and supporting improved retirement outcomes for participants. American Trust is a subsidiary of EdgeCo Holdings, a leading provider of technology-enabled solutions to financial intermediaries and their clients.
“Our growth trajectory is centered on the objective of providing enhanced services, solutions and tools to our clients throughout the financial services space,” said John Moody, Chief Executive Officer of EdgeCo Holdings. “The deal with LT Trust is an example of this philosophy in action, allowing us the opportunity to expand our offerings to 401(k) plan sponsors and participants, refine our relationships with valuable partners on the institutional level, and add a wealth of talent to our team. I am excited to welcome everyone from the LT organization into our family.”
Sherman Howard acted as legal counsel, and Raymond James & Associates served as financial advisor to LT Trust with respect to the transaction. Kirkland & Ellis served as legal counsel to American Trust.
About American Trust
American Trust is a leading, full-service provider of retirement plan solutions to advisors serving the small- and mid-sized plan market. With offices in Dubuque, IA, Memphis, TN, Lexington, KY, and Greensboro, NC, American Trust brings together the cornerstones of a quality retirement plan including plan design, fiduciary oversight, discretionary trust services, cost efficiency, service, and technology. AT Retirement Services is a subsidiary of EdgeCo Holdings. For more information, visit www.americantrustretirement.com.
About EdgeCo Holdings
Through its subsidiaries, EdgeCo is a leading provider of best-in-class technology-enabled solutions for financial intermediaries and their clients. For over four decades, EdgeCo companies have provided a suite of technology and support services including full-service retirement plan administration, brokerage, advisory, and trust and custody services to a diverse national client base of financial intermediaries. This client base includes registered representatives, investment advisors, and other financial intermediaries including retirement plan recordkeepers, TPAs, bank trust departments, broker dealers, and insurance companies. The firm services approximately $150 billion under custody, administration and wealth, working with over 15,000 financial advisors and 500 financial institutions.
Media Contact
Sandy McKenzie
Gregory FCA for American Trust/EdgeCo
610-228-2147