Financial Services Industry
Industry: Email Alert RSS FeedTD Ameritrade acquires 401(k) trust company; Asset custodian prospecting for RIAs that advise plans.(News)
Investment News, January, 2007
Byline: Brooke Southall SAN FRANCISCO - TD Ameritrade Institutional recently purchased a small trust company in Baltimore to capitalize on the big ambitions of registered investment advisers to win 401(k) assets. The Jersey City, N.J.-based asset custodian late last month acquired the assets of Gail Weiss & Associates Inc., which holds custody of nearly $1 billion in 401(k) assets, almost entirely from RIAs.
"There's a huge opportunity out there that we think is going to get much larger very quickly,'' said J. Thomas Bradley Jr., president of TD Ameritrade Institutional. After several years marked by one corporate scandal after another, many boards of directors are all too happy to hire RIAs - along with third-party administrators - to...
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