Arden Trust Company has added a $400 million trust business from Northwestern Mutual, Arden Trust says.
The acquisition will bring more than 300 client relationships and three trust officers to Arden Trust. The firm will also expand its footprint into the Upper Midwest with a new office in Milwaukee, according to a press release from the company.
The companies didn’t disclose the financial terms of the Feb. 29 deal nor name the trust officers involved.
Arden Trust, which was recently acquired by Kestra Financial, has more than 90 employees overseeing $7 billion from eight locations, according to the press release. Arden administers more than 5,000 trust accounts, the company says.
Kestra isn’t alone in growing its trust services capabilities recently. Last week, Dynasty Financial Partners partnered with National Advisors Trust Co. to offer Dynasty’s advisors the ability to offer trust services. Wirehouses, meanwhile, have been nudging their advisors to cross-sell such services along with bank products.
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