PENSCO Trust and Lincoln Trust have combined capabilities to become the largest independent custodian of alternative assets in the United States. Headquartered in San Francisco, the company will be called PENSCO and will have more than $10 billion in assets, 57,000 clients and operations across the country.

Because of the merger, PENSCO will expand the range of alternative assets clients can hold in tax-advantaged accounts to include investments in private equity, venture capital, start-up companies, real estate, notes and precious metals. It also will expand its advisor network, with the addition of 6,000 advisors who work with Lincoln Trust.

The transaction is expected to close in March and is subject to regulatory review by state regulators.

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