American Trust Custody

What American Trust Custody does

American Trust Custody is a Pittsburgh-headquartered trust and custody services provider serving financial intermediaries in the U.S. retirement industry. Formerly known as Mid Atlantic Trust Company and rebranded in April 2023, the company operates as part of AmericanTCS—a multi-brand platform under EdgeCo Holdings, LP that consolidates trust, custody, retirement, wealth, and technology operations. The company targets three primary customer segments: benefits administrators (recordkeepers and third-party administrators), retirement advisors, and financial institutions (bank trust departments, investment managers, insurance companies). It distributes services through a 13+ relationship-manager direct sales force plus indirect channels including 90+ independent TPAs/recordkeepers, 600+ advisor firms, and bank trust relationships.

The core platform is a state-of-the-art custody, trading, and reporting system integrated directly into customer recordkeeping and trust accounting platforms. American Trust Custody is a self-clearing member of the National Securities Clearing Corporation (NSCC) and processes over 9 million trades per month—one of the largest mutual fund trade processors in the U.S. The proprietary technology stack includes ModelxChange® (web-based trading and rebalancing of ETF/mutual-fund portfolios within retirement plans), ModelxChange® Gallery (a distribution platform connecting 10,000+ advisors with tier-one asset managers including Fidelity, BlackRock, Vanguard, PGIM, and Goldman Sachs), ETFxChange® (ETF trading in recordkeeping systems with fractional share support and dollar-certain transactions), DepositxChange® (FDIC-eligible multi-bank cash sweep across 5-10 banks), Auto Rollover IRA, Outsourced IRA Administration (three tiers), Collective Investment Trust services, Plan Investment Plus (IPS automation via Newkirk/MasteryPOINT), and Qualified Termination Administrator (QTA) services for abandoned plans. The platform provides access to 23,000+ mutual funds from 450 issuers, 1,100 ETFs from 70 providers, and sub-TA/service fee collection for 150 fund families. As of March 31, 2026, the company custodies $185B in client assets across 136,000+ client accounts and 125,000+ retirement plans.

Revenue is generated primarily through asset-based custody and trust platform fees, with no transactional cost passed to customers (American Trust Custody absorbs commissions, SEC fees, and brokerage costs). Secondary streams include trade processing revenue from NSCC clearing activity, ETFxChange platform subscription fees, DepositxChange administrative fees (with revenue-share options), and sub-TA/12b-1 service fee collection. Pricing is quote-based and not publicly disclosed. The asset-based, recurring nature of the revenue model, combined with deep operational integration into client systems, creates a sticky B2B platform business. The company's regulatory positioning includes a South Dakota state-chartered non-depository trust company, FINRA/SIPC registration through Mid Atlantic Clearing & Settlement Corporation, and DOL QTA designation.

Name

American Trust Custody

Legal name

Mid Atlantic Trust Company

Website

https://americancustody.com

Company type

Private

Founded year

1980

Operating status

Operating

Headcount range

51–100 employees

Short description

American Trust Custody is a Pittsburgh-based B2B trust and custody services provider serving U.S. retirement intermediaries—recordkeepers, TPAs, advisors, and financial institutions—with integrated trading, IRA administration, and proprietary ETF/mutual fund platforms across $185B in client assets.

Ownership category

akta.pro rank

Product category

Institutional Trust and Custody Services

NAICS

Trust, Fiduciary, and Custody Activities (523991), Trusts, Estates, and Agency Accounts (52592), Funds, Trusts, and Other Financial Vehicles (525), Miscellaneous Intermediation (523910)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Fund Custody & Transfer Agency Services (FSACAHAG)

akta.pro secondary industries

Pension & Institutional Custody (ERISA/Trustee Custody) (FSAFAHAE), Corporate & Institutional Trust Services (FSAAANAB), Securities & Custody Operations (Safekeeping, Corporate Actions, Settlement Support) (FSABALAG)

Keywords

• Retirement custody services
• Trust administration
• Trade processing
• 401(k) plan services
• Investment model management

Headquarters

HQ city

Pittsburgh

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Asset-Based Custody and Trust Fees: The company charges competitive asset-based fees for custody and trust platform access. No transactional costs for trading; American Trust Custody covers commissions, SEC fees, and brokerage costs.
2. Trade Processing Revenue: As an NSCC self-clearing member and one of the largest mutual fund trade processors, the company generates revenue through trade processing for institutional customers. Clears and settles over 9 million trades per month.
3. ETFxChange Platform Fees: Asset-based fee charged to recordkeepers for access to the ETFxChange platform. There are no transactional costs; the cost includes ETF expense ratios plus the recordkeeper and custodian fees.
4. DepositxChange Administrative Fees: Platform administrative fees deducted from gross interest rates provided by banks, with revenue-sharing options for plan service providers.
5. Sub-TA/Service Fee Collection: Collection of sub-TA and service fees for over 150 fund families, including 12b-1 collection for fee-based plans enabling rebating.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

American Trust Custody delivers integrated trust administration, custody, and trade processing services for the U.S. retirement industry. The company serves financial intermediaries—including recordkeepers, third-party administrators, bank trust departments, insurance companies, and financial advisors—with proprietary platforms (ModelxChange®, ETFxChange®, DepositxChange®) that connect directly into recordkeeping and trust accounting systems for electronic processing, settlement, and reporting of mutual fund, ETF, and equity trades.

Product overview

American Trust Custody provides a comprehensive trust and custody platform primarily serving the retirement industry. The core offering centers on the Trust & Custody Platform for trade processing (9+ million trades per month), supplemented by proprietary technology products including ModelxChange® for investment model management, ModelxChange® Gallery for accessing third-party asset manager models, and ETFxChange® for ETF trading in retirement plans. Additional modules include IRA administration solutions (Auto Rollover IRA, Outsourced IRA Administration), DepositxChange® for FDIC-eligible cash deposits, Paying Agent Services for distributions, and Collective Investment Trust services. The platform integrates with National Financial Services LLC for self-directed brokerage and serves over 100,000 retirement plans.

Differentiator

Problem solved

Functional benefit

Brands

• ModelxChange®: Proprietary web-based technology for trading and rebalancing of ETF and mutual fund-based portfolios within retirement plans.
• ModelxChange Gallery®
• ETFxChange®
• DepositxChange®

Products and services

• Trust & Custody Platform Custody, trust administration, and trade processing platform offering full electronic processing, settlement, and reporting of mutual fund, ETF, equity, and fixed income trades. Integrates directly into recordkeeping and trust accounting systems used by recordkeepers, TPAs, bank trust departments, and insurance companies. Processes over 9 million trades per month as an NSCC self-clearing member.
• ModelxChange® Proprietary web-based technology for trading and rebalancing of ETF and mutual fund-based portfolios within retirement plans. Provides a single interface for money managers to create, execute, and manage investment models without logging into separate recordkeeping systems.
• ModelxChange® Gallery Platform providing access to ETF and mutual fund model portfolios from top asset managers including Fidelity, BlackRock, PGIM, Goldman Sachs, Vanguard, Janus Henderson, Federated Hermes, Franklin Templeton, and Global X, reaching 10,000+ advisors through the ModelxChange distribution channel.
• ETFxChange® Industry-leading platform enabling recordkeepers to handle ETFs using the same systems and processes as mutual fund trading. Supports dollar-certain transactions with fractional share handling and provides access to ETFs from providers including BlackRock iShares, Vanguard, Invesco, WisdomTree, and State Street Global Advisors (SPDR).
• DepositxChange® FDIC-eligible, multi-bank cash deposit option functioning like a daily accrual money market mutual fund. Allocates deposits across 5-10 participating banks to provide up to $1.5 million in FDIC insurance per participant, with automatic allocation and integration with recordkeeper platforms.
• Pooled Employer Plan Trustee Services Fiduciary trustee services for Pooled Employer Plans (PEPs) under the SECURE Act. Provides plan management, compliance, and fiduciary oversight for pooled retirement plan offerings structured by partners such as Paychex (with Mesirow Financial as 3(38) investment manager).
• IRA Administration Services IRA administration support offered at three service levels: Self-Administered IRA, IRA Administration Support, and Fully Administrated IRA. Provides omnibus trading access to 21,000+ mutual funds and ETFs, supporting recordkeepers and plan administrators serving IRA customers.
• Auto Rollover IRA Solution Automated solution for setting up IRA accounts for former employees with abandoned 401(k) balances, handling tax-advantaged transfers, participant notifications, and ongoing IRA custodian responsibilities.
• Paying Agent & Participant Distribution Services Outsourced participant distribution services including real-time cash reporting, Form 1099-R and 945 remittance, online access to check images and tax reporting, and daily uncashed check updates. Available for plans held in custody with American Trust Custody or at other institutions.
• Collective Investment Trust (CIT) Services Collective Investment Trust services allowing investment managers to sub-advise CITs with custom investment strategies. Includes trust documentation, custody, trading, and Form 5500 DFE filings for use across custodial and retirement platforms.
• Abandoned Retirement Plan (QTA) Service Qualified Termination Administrator (QTA) services for terminating abandoned plans, including DOL filing, participant notice, lost participant search, disbursements, and IRA creation. Authorized by the U.S. Department of Labor as a QTA provider.

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature5 records

Partnerships

14 partnerships are on record, tiered core and minor.

• PensionProcoreStrategic or Co-development Partner · 7 April 2021Mid Atlantic Capital Group acquired PensionPro, a provider of workflow automation software for TPAs. The acquisition expands Mid Atlantic's trust and retirement services division and enables meaningful integrations and automations for the retirement plan ecosystem.
• PaychexcoreStrategic or Co-development Partner · 9 December 2020American Trust Custody serves as Trustee for Paychex's Pooled Employer Plan (PEP), a new retirement plan option created under the SECURE Act. Mid Atlantic Trust Company provides fiduciary services and plan management for the PEP offering, which aims to expand retirement plan access for small to mid-sized businesses nationwide.
• Mesirow FinancialcoreStrategic or Co-development Partner · 9 December 2020Mesirow Financial serves as the 3(38) investment manager for Paychex's PEP, partnering with American Trust Custody as the trustee for the pooled employer plan.
• FidelitycoreStrategic or Co-development PartnerFidelity has models available through ModelxChange Gallery, providing retirement advisors with access to Fidelity's model portfolios for inclusion in retirement plan lineups.
• BlackRockcoreStrategic or Co-development PartnerBlackRock iShares is a Preferred Network partner, with ETFs available through ETFxChange platform. Additionally, BlackRock has models available through ModelxChange Gallery.
• PGIMcoreStrategic or Co-development PartnerPGIM has model portfolios available through ModelxChange Gallery, enabling their investment strategies to be incorporated into 401(k) retirement plans.
• Goldman SachscoreStrategic or Co-development PartnerGoldman Sachs has model portfolios available through ModelxChange Gallery, providing access to their investment expertise for retirement plan participants.
• VanguardcoreStrategic or Co-development PartnerVanguard ETFs are available through the ETFxChange platform and Vanguard has models available through ModelxChange Gallery.
• Janus HendersoncoreStrategic or Co-development PartnerJanus Henderson has model portfolios available through ModelxChange Gallery for use in retirement plan investment lineups.
• Federated HermescoreStrategic or Co-development PartnerFederated Hermes has model portfolios available through ModelxChange Gallery.
• Franklin TempletoncoreStrategic or Co-development PartnerFranklin Templeton has model portfolios available through ModelxChange Gallery for retirement plan integration.
• Global XcoreStrategic or Co-development PartnerGlobal X has model portfolios available through ModelxChange Gallery.
• National Financial Services LLCcoreTechnology or IntegrationAmerican Trust Custody has clearing arrangements with National Financial Services LLC, enabling competitive self-directed brokerage account options for customers.
• AmeritasminorStrategic or Co-development PartnerAmeritas Stable Value CITs are supported by American Trust Custody, with the CITs trusteed by affiliate American Trust Company.

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Vestwell: Digital retirement platform offering custody, recordkeeping, and administration for advisors and employers. Vestwell represents an emerging fintech competitor targeting the same small-to-mid-sized employer and advisor segments that American Trust Custody serves.

Direct peers

• Ascensus: Leading retirement and education savings services provider with custody and trust capabilities. Ascensus serves similar intermediary channels including TPAs, advisors, and financial institutions, competing directly with American Trust Custody's core offerings.
• TASC (Total Administrative Services Corporation): Third-party administrator serving employers, advisors, and TPAs with retirement plan administration. TASC relies on custody partners similar to American Trust Custody and represents both a customer and adjacent competitor in the retirement ecosystem.
• Midland Trust / National Trust: Specialized trust company providing custody and IRA administration services for retirement plans. Operates in a similar niche to American Trust Custody, serving TPAs and recordkeepers with self-directed IRA and trust services.
• Empower Retirement: Major retirement plan services provider offering custody, recordkeeping, and trust services. Empower directly competes with American Trust Custody in the 401(k) and retirement plan custody space, particularly for mid-market employers.

Broad incumbents

• Principal Financial Group: Major retirement plan provider offering custody, recordkeeping, and trust services. Principal competes with American Trust Custody for retirement plan mandates, particularly for mid-sized and large employer plans.
• Fidelity Investments: Diversified financial services giant with retirement, custody, and trading services. Fidelity is both a competitor in custody and a partner through ModelxChange Gallery, illustrating the complex competitive dynamics in retirement services.
• State Street: One of the largest global custody and asset servicing providers, serving institutional investors including retirement plans. While much larger in scale, State Street competes with American Trust Custody for institutional custody mandates and retirement plan servicing.
• BNY Mellon: Global custody banking giant with extensive retirement services through Pershing. Competes with American Trust Custody in institutional custody, trust services, and retirement plan administration for large intermediaries.
• Charles Schwab: Major custodian and brokerage provider with retirement plan services and ETF trading capabilities. Schwab competes with American Trust Custody for advisor custody and retirement plan mandates, particularly through its institutional services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/americantrustcustody

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about American Trust Custody