Great Gray Trust Company

What Great Gray Trust Company does

Great Gray Trust Company, LLC is a Delaware-domiciled private trust company that operates as the dominant U.S. Collective Investment Trust (CIT) trustee and administrator, reporting $318.6 billion in fund assets as of March 31, 2026. The firm serves as trustee for a CIT fund complex comprising 80+ sub-advisors, with trading agreements across 38 trading platforms and access to 200+ recordkeepers, serving plan sponsors, independent financial advisors, institutional consultants, aggregators, broker-dealers, and sub-advisory asset managers. Its core products are bank collective investment funds structured under IRS Rev. Proc. 81-100, offering tax-exempt pooled vehicles for qualified retirement plans and certain government plans, supplemented by the BoardingPass® digital onboarding platform that automates participation agreement processing.

Great Gray monetizes through AUM-based trustee, management, and contract fees earned on the CIT fund complex, with pricing negotiated at the plan or fund level through a B2B enterprise field sales motion. Distribution is exclusively indirect: the company does not sell to retail investors, but routes CITs through advisors, consultants, aggregators, recordkeepers, and the acquired Retirement Plan Advisory Group (RPAG) member network. The technology stack combines proprietary onboarding automation, Nasdaq Fund Network ticker transparency, and integrations across the defined contribution ecosystem.

The company is a wholly owned subsidiary of Great Gray Group, LLC, and has executed two significant acquisitions in 2025: RPAG (February) to add advisor workflow and benchmarking software, and flexPATH Strategies' sub-advisory business (November) to bring over $269 billion in sub-advised CIT assets and target-date fund capabilities in-house. Operating geographies are limited to the United States, with offices in Las Vegas (headquarters), Wilmington, and Boston. Leadership is concentrated in executives with prior tenure at Wilmington Trust, Fidelity Investments, and other major retirement services institutions.

Name

Great Gray Trust Company

Legal name

Great Gray Trust Company, LLC

Website

https://greatgray.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

101–250 employees

Short description

Great Gray Trust Company is a private Delaware trust company acting as trustee and administrator for over $318 billion in Collective Investment Trusts, serving U.S. retirement plan sponsors, independent advisors, recordkeepers, and sub-advisors through its BoardingPass onboarding platform.

Ownership category

akta.pro rank

Product category

Collective Investment Trust Services

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Trusts, Estates, and Agency Accounts (52592), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate & Institutional Trust Services (FSAAANAB)

akta.pro secondary industries

Pension Master Trusts, Superannuation & Provident Funds (FSAAAGAB), Directed Trust & Trust Advisory Services (FSAAANAK)

Keywords

• Collective investment trusts
• Retirement plan trustee services
• Fiduciary investment management
• CIT onboarding platform
• Retirement plan advisor tools

Headquarters

HQ city

Las Vegas

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. CIT Trustee and Management Services: Great Gray generates revenue as trustee and administrator of Collective Investment Trusts. Revenue is earned through trustee fees, management fees, and contract fees based on assets under management across their CIT fund complex. The company oversees 80+ sub-advisors managing fund assets.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Great Gray Trust Company acts as trustee and administrator for Collective Investment Trusts (CITs) — tax-exempt pooled investment vehicles available exclusively to qualified retirement plans and certain government plans. The firm oversees $318.6 billion in fund assets across strategies managed by 80+ sub-advisors, with onboarding, administration, and fiduciary oversight delivered through the proprietary BoardingPass platform and the acquired RPAG advisor software suite.

Product overview

Great Gray Trust Company operates as a leading CIT (Collective Investment Trust) provider offering a platform of retirement investment solutions. The core offerings include Great Gray Collective Investment Trusts managed with fiduciary oversight, supplemented by the BoardingPass® digital onboarding platform for streamlined CIT participation agreement processing, and the acquired Retirement Plan Advisory Group (RPAG) brand providing retirement plan advisory software tools including benchmarking, RFP automation, and meeting minutes features.

Differentiator

Problem solved

Functional benefit

Products and services

• Great Gray Collective Investment Trusts (CITs) Bank collective investment funds managed by Great Gray Trust Company as trustee, offering tax-exempt, pooled investment vehicles for qualified retirement plans and certain government plans with fiduciary oversight, multi-manager structure, and 81-100 group trust tax efficiency.
• BoardingPass Digital CIT onboarding platform that automates participation agreement processing for advisors, prepopulates form fields using IRS Form 5500 data, enables fund requests in under 5 minutes, provides real-time status tracking, validates 100+ data points per request, and stores agreements in a single repository. Over 4,800 advisors have signed up.
• Retirement Plan Advisory Group (RPAG) Software Suite Retirement plan software tools for advisors and consultants acquired via the RPAG acquisition, providing benchmarking, automated meeting minutes, RFP automation, marketing resources, and content calendars for retirement plan consulting practices.

Quantifiable outcome

• Reduces onboarding time from weeks to hours through BoardingPass automation
• +5 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Wharton School Pension Research CouncilminorStrategic or Co-development Partner · 13 January 2026Great Gray joined the Wharton School's Pension Research Council as an Associate Level Member for 2026, supporting research and innovation in retirement security. The collaboration combines Great Gray's CIT market experience with academic research capabilities.
• flexPATH StrategiescoreStrategic or Co-development Partner · 14 November 2025Great Gray purchased assets of flexPATH Strategies' sub-advisory business, bringing certain investment management services in-house for its CIT funds. The transaction included flexPATH's sub-advised CIT funds with over $269 billion in assets serving thousands of retirement plans. flexPATH previously pioneered multi-manager target-date funds for the RPA market in 2015.
• Human Interest AdvisorsminorChannel Partner/ Reseller/ Distributor · 15 October 2025Human Interest Advisors, a retirement plan provider for over 40,000 small and medium businesses, announced a new investment lineup including Great Gray CITs with BlackRock index strategies, reducing average investment expenses by up to 63%.
• Retirement Plan Advisory Group (RPAG)coreStrategic or Co-development Partner · 27 February 2025Great Gray acquired Retirement Plan Advisory Group (RPAG), a retirement plan software provider, to enhance its offerings in the retirement ecosystem. RPAG provides automated meeting minutes, marketing resources, content calendars, and RFP Express tools to member advisors. Great Gray and RPAG are wholly owned by Great Gray Group, LLC.
• 80+ Sub-AdvisorscoreChannel Partner/ Reseller/ DistributorGreat Gray works with 80+ sub-advisors including fund families such as BlackRock, T. Rowe Price, JP Morgan, Franklin Templeton, PIMCO, Voya, Principal, and others who manage CIT strategies within Great Gray's trustee platform.
• 200+ RecordkeeperscoreChannel Partner/ Reseller/ DistributorGreat Gray provides access to 200+ recordkeepers who facilitate CIT investments for retirement plans through their administration platforms.
• 38 Trading PlatformscoreTechnology or IntegrationGreat Gray maintains trading agreements with 38 trading platforms for executing CIT fund transactions across the retirement ecosystem.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Wilmington Trust: Wilmington Trust is one of the largest and longest-standing CIT trustees in the U.S. retirement market, offering a directly comparable bank collective investment fund structure, sub-advisor oversight, and trustee administration to plan sponsors and advisors. Multiple Great Gray executives (including CEO Rob Barnett and COO Jennifer Matz) joined from Wilmington Trust, underscoring the direct operational comparability.
• Reliance Trust Company: Reliance Trust is a major CIT trustee and directed trustee service provider for retirement plans, with a similar product set including group trusts, separately managed accounts, and collective funds. It competes head-to-head with Great Gray for plan sponsor and advisor CIT relationships.
• TruStage (MEMBERS Trust Company / CUNA Mutual): TruStage, through MEMBERS Trust Company and related entities, operates one of the larger CIT platforms for credit union and corporate retirement plans. It offers a comparable bank collective fund trustee model with multi-manager CIT capabilities.
• SEI Trust Company: SEI Trust Company provides trust and CIT administration services to institutional retirement plan clients, with a comparable directed trust and multi-manager CIT offering. SEI competes for the same advisor and plan sponsor relationships that Great Gray targets through BoardingPass.

Broad incumbents

• Empower Retirement: Empower is the second-largest U.S. defined contribution recordkeeper and operates its own CIT fund complex in addition to third-party CIT platforms. As a vertically integrated recordkeeper, it competes with Great Gray's CIT offerings integrated across 200+ recordkeeper relationships.
• Fidelity Investments: Fidelity operates one of the largest proprietary CIT complexes through Fidelity Management Trust Company, serving both internal and external retirement plans. Former Great Gray CEO Rob Barnett held a Custody Sales Specialist role at Fidelity, evidencing close operational overlap in the CIT trustee business.
• State Street Global Advisors: State Street, through State Street Global Advisors and its trust operations, offers CITs and collective trust services across DC and DB plans. As a top-tier asset manager and trustee, it competes with Great Gray for institutional CIT sub-advisory mandates and trustee services.
• Charles Schwab Trust Bank: Charles Schwab, through Schwab Trust Bank and related entities, provides trust and CIT services as part of its broader retirement plan offering. As a major retail-facing incumbent expanding into CIT administration, it represents both a peer and a potential recordkeeper partner for Great Gray.
• Principal Financial Group: Principal is a major retirement plan provider that operates its own CIT platform and serves as both sub-advisor and recordkeeper competitor. It is listed among Great Gray's 80+ sub-advisors, illustrating both collaboration and competitive overlap.

Emerging players

• Russell Investments: Russell Investments provides multi-manager CIT and OCIO services to retirement plans, with an investment approach similar to flexPATH's pre-acquisition model. It competes for the multi-manager CIT mandate business that Great Gray has now internalized through the flexPATH acquisition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/great-gray-trust

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Great Gray Trust Company