Provident Trust acquires $1.45 billion in IRA assets


Provident Trust Group has acquired more than $1.45 billion in self-directed IRA assets from Guidant Financial, which held the rights to more than 9,000 self-directed retirement accounts.

Before the Guidant Financial acquisition, Las Vegas-based Provident had more than $4 billion in custody nationwide. Financial terms of the deal were not disclosed.

“The acquisition of Guidant’s self-directed IRA administration business expands Provident’s self-directed IRA footprint and presents opportunities to further execute (our) long-term growth strategy,” said Theresa Fette, CEO of Provident Trust.

Fette said it was her “aim to lead the industry in self-directed IRA options.”

The purchase ranks as one of the largest recent self-directed IRA acquisitions in the nation.

Other recent mergers and acquisitions include PENSCO Trust and Lincoln Trust in February 2012, which created a company with more than $10 billion in assets and 57,000 clients nationwide.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.

 

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