Boston-based private equity firm Abry Partners has agreed to buy a majority stake of emerging custodian Millennium Trust Company, according to an announcement. The custodian’s current majority owner, Parthenon Capital Partners, will retain a minority stake in the company.
Terms of the deal were not disclosed, but published reports say the custodian sold for between $1.6 and $1.8 billion. The news reinforces private equity’s interest in the wealth management space.
Parthenon first announced its investment in Millennium Trust three years ago. The firm, which provides retirement services and custody for businesses, institutions, advisors, and individuals, has grown to $26 billion in assets under custody and serves more than 1.1 million accounts.
Abry manages over $5 billion across four funds. The firm owns several companies in the insurance space, but Millennium is its first investment in the wealth management industry.