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February 26, 2014updated 04 Apr 2017 2:28pm

Venovate to offer Millennium Trust Company’s custody solutions for alternative investments

Venovate and Millennium Trust Company has announced a strategic relationship to make Millennium Trust's alternative asset and private fund custody solutions available to accredited investors through Venovate Marketplace.

By Verdict Staff

Venovate and Millennium Trust Company has announced a strategic relationship to make Millennium Trust’s alternative asset and private fund custody solutions available to accredited investors through Venovate Marketplace.

Venovate Marketplace provides institutions, accredited investors, and advisors access to primary offerings of private equity and venture capital investments in early and mid-stage growth companies, real estate, natural resources programs, and other structured opportunities. These investments can be made either in funds that hold alternative investments or directly in private placement securities.

Michael Raneri, CEO, Venovate, said: "Millennium Trust is an innovation leader and a natural fit for Venovate Marketplace. They are well respected in this industry for their ability to tailor solutions specifically to a client’s needs; from individual investors looking to hold alternative assets in a self-directed IRA to investment advisors in need of a qualified custodian for their private funds."

Millennium Trust serves a wide range of clients ranging from Fortune 500 companies to independent financial advisors and individual investors. They are committed to creating innovative solutions for expert alternative asset custody while providing best-in-class service and continue to attract the attention of many of the firms that are pioneering the way investors are able to access alternative investment offerings.

Scott McCartan, CFA, CEO, Millennium Trust, said: "There are a lot of exciting changes happening in the world of alternatives these days. Companies like Venovate are making investment offerings that have traditionally been very opaque and difficult to access, or even hear about for that matter, available on one, simple-to-use platform."

Raneri added: "We share Millennium Trust’s commitment to innovation and diversification. We have created a single platform for alternative investments, capable of providing deal listings, data for due-diligence, sponsor communications, electronic paperwork processing, and settlement. It is a smarter alternative marketplace."

The 2012 JOBS Act has removed restrictions on marketing private placement securities to accredited investors. Accredited investors include individuals with an investable net worth in excess of US$1 million or annual income greater than US$200,000 (US$300,000 for couples).

McCartan added: "As restrictions have eased on how private investments are marketed and more investors become aware of these opportunities, it’s critical that they understand and perform their own due-diligence on potential investments. Venovate provides their users with the kinds of information needed for them to make educated investment decisions."

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