- The agreement accelerates American Trust’s national expansion, with the addition of Unified Trust’s robust proprietary retirement managed account platform and fiduciary solutions, as well as comprehensive financial services.
- To reflect the shared long-term vision, the combined entity will operate under the brand “American Trust” going forward.
- Unified Trust’s founder and CEO Dr. Gregory Kasten will continue to be a shareholder, assume an executive role, serve on the Board of Directors for American Trust, and advise on the strategic vision of the firm going forward.
MEMPHIS, Tenn. & LEXINGTON, Ky.–(BUSINESS WIRE)–EdgeCo Holdings, L.P. (“EdgeCo”) has entered into a definitive agreement with Unified Trust Company, N.A. (“Unified Trust”) to become part of its subsidiary, American Trust Company (“American Trust”). Unified Trust is a national retirement plan provider and fiduciary based in Lexington, Kentucky, serving financial intermediaries, corporate clients, and retirement plan investors, as well as individual and institutional investors through their wealth management division. American Trust is a subsidiary of EdgeCo, a leading provider of technology-enabled retirement solutions for financial intermediaries and their clients.
The transaction, which remains subject to customary regulatory and shareholder approvals, reflects a continued commitment by EdgeCo and its subsidiaries to provide best-in-class retirement solutions to the small and mid-sized retirement plan market and the advisors that serve them. The agreement with Unified Trust represents the third retirement firm transaction by EdgeCo, with additional acquisitions planned as part of the growth strategy going forward.
“Over the past three years, we’ve made tremendous progress in creating a differentiated offering in the retirement space for financial intermediaries and their clients, with a focus on delivering a high level of personal service backed by a robust technology platform,” said John Moody, Chief Executive Officer of EdgeCo. Mr. Moody continued, “We are very excited to bring Unified Trust into the fold. Their extremely talented employees, as well as their expertise and technology, will greatly expand the offering at American Trust and propel us to a new level.”
For Unified Trust founder Gregory Kasten, MD, this marks a new chapter for a company he founded more than 30 years ago. Dr. Kasten, who will serve in an executive role and on the Board of Directors of American Trust after the acquisition, remarked, “Beyond the opportunity to expand our services and solutions, it was also very important to me that both organizations share the same outcomes-focused philosophy and fiduciary mindset. Our two companies are incredibly well-aligned and as a combined force, we will be in a position to make a major statement in the financial services industry for years to come as well as ensure that we will continue to improve the financial outcomes of investors.”
Micah DiSalvo, Chief Revenue Officer of EdgeCo remarked: “As consolidation continues in the retirement space, it is key for Advisors to select partners who are committed to investing in their success. I’m very proud that American Trust has been able to become a leader in the industry with our continued investment in fiduciary solutions and digital engagement platforms along with an Advisor-focused managed account solution. Adding the resources of the talented staff from Unified Trust to the American Trust team is another step in our ability to better serve our clients and participants in creating better retirement outcomes.”
Upon closing of the transaction, the existing staff will be retained and are anticipated to grow as the combined company expands its national reach and service offering with trust offices in Memphis, TN and Lexington, KY, and recordkeeping services via an affiliate in Dubuque, IA.
Keefe, Bruyette & Woods, Inc. acted as the exclusive financial advisor to Unified Trust.
About EdgeCo Holdings, L.P.
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 $130 billion in client assets under custody or administration and more than 15,000 financial advisors and 500 financial institutions.
About American Trust
American Trust and its affiliates have offices in Dubuque, IA and Memphis, TN with a history dating back to the 1950s, and together represent a leading, full-service provider of retirement solutions to small- and mid-sized plan sponsors. The affiliated companies work with financial intermediary partners to bring the major cornerstones of a quality retirement plan — plan design, fiduciary oversight, discretionary trust services, cost efficiency, service, and technology — to the small- and mid-sized market. For more information, visit www.americantrustretirement.com
Contacts
Marissa Comerford
Marissa@GregoryFCA.com
610-228-2104
