Lending Club joins Millennium Alternative Investment Network

Source: Millennium Trust Company

Millennium Trust Company, a leading provider of technology-enabled asset custody solutions for institutions, advisors, and individuals, and Lending Club (LC), the world's largest online lending marketplace, today announced that Lending Club is the latest investment platform to join the Millennium Alternative Investment Network (MAIN).

MAIN is a centralized online service that simplifies the custody of alternative investments for individual investors and advisors, and provides access to an expanding network of online investment platforms offering a range of alternative investment options. As investors seek to diversify their holdings by allocating to alternative investments, many are showing an interest in marketplace loans.

Individuals and advisors can now directly access the Lending Club platform through MAIN and seamlessly set up and manage Millennium Trust custody accounts once they've decided to invest. With Lending Club, investors can quickly and simply build a diverse portfolio of investments in loans that fit their investment criteria, receiving monthly payments of principal and interest as borrowers repay their loans. Advisors can easily set up custody accounts on behalf of their clients at Millennium Trust and can efficiently build and manage portfolios through Lending Club to suit their client's investment objectives. Advisors also enjoy timely, transparent reporting and simple collection of management fees. Standard taxable accounts or tax-advantaged self-directed IRAs are available to all investor classes with no minimums or load fees.

"MAIN gives Lending Club new access to individual investors and financial advisors," said Renaud Laplanche, founder and CEO of Lending Club. "Since launching in 2007, Lending Club has delivered access for retail investors to invest in consumer credit that has delivered net annual returns of 5-8% historically since inception and we look forward to expanding our distribution with this strategic relationship."

Millennium Trust developed MAIN to accomplish three primary goals:

  • Provide an efficient, end-to-end solution for advisors and individuals looking to hold alternatives in their IRAs or taxable custody accounts
  • Provide investors with a centralized location with educational information about, and access to, a growing mix of alternative assets
  • Modernize what historically has been a complicated, paper-based process by enabling investors to open and fund an account, and direct their investments, entirely online

"The addition of Lending Club on MAIN represents an important milestone in our long-standing relationship," said Millennium Trust CEO Gary Anetsberger. "We've been working with Lending Club since the very early days of the marketplace lending industry, and it seems fitting to me that they will be among the first marketplace lenders listed on MAIN. Individual investors and advisors have expressed an interest in learning more about marketplace lending, and we're excited to be able to provide them an easy way to access and educate themselves about this unique asset class."

"The alternatives space is ripe for innovation," added Meg Zwick, Millennium Trust's senior vice president and director of alternative custody services. "MAIN is one of the industry's first online solutions designed to help simplify the historically paper-heavy process of investing in alternative assets. Our technology-driven approach to custody is a perfect match for a company like Lending Club; both of us are using technology to transform the way our industries work and drive efficiencies into outdated, cumbersome processes." 

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