Institutional Trust & Investment Services
A trusted custodian for institutional funds.*
Unions and management alike rely on Amalgamated Bank of Chicago to provide comprehensive, top-tier institutional trust and investment services.
Amalgamated Bank of Chicago offers a wide range of investment management and master custody services to Taft-Hartley and public pension funds.
AmalgaTrust, the Institutional Trust and Investment Services division of Amalgamated Bank of Chicago (ABOC), administers nearly $12 billion in assets, providing a full range of services, including equity and fixed income investment management, custodial, trustee, benefit payment services, and participant-directed investment programs.
As an American-owned union bank, ABOC has long nurtured a special commitment to labor unions, but our trust services also extend to meet the needs of all types of plan sponsors. Our dedication to personal, responsive service and customized solutions, combined with our ability to serve entities of all sizes, means we have just the right trust and investment services for you.
Master Trust & Custody Service
An invaluable core service for plan sponsors, asset managers and consultants:
- A single source of detailed information for the most diverse plans
- Regular monitoring of complex investments
- Online account access available for reporting and account history
- Tailored custody programs designed to meet all your plan's requirements
We use two dedicated trust accounting systems and support groups to deliver service to our clients:
- For small to mid-size plans: Amalgamated Bank of Chicago's system and support groups deliver cost-effective, state-of-the-art services. Our trust systems, along with our own dedicated operating staff, supports all the custody, accounting, reporting, securities processing and benefit payment needs for our clients
- For larger, more diverse plans: ABOC's strategic partnership with BNY Mellon Trust, together with our experienced relationship managers, serves larger plans with diverse securities holdings, reporting needs and other complex demands
- BNY Mellon Trust handles all back office, securities processing, accounting and statement production, using the same system BNY Mellon offers their large institutional clients
- ABOC client service managers handle all relationship management and daily administration
Directed Trustee Services
Amalgamated Bank can offer Directed Trustee Services to an ERISA plan wherein another party is a named fiduciary with responsibilities as to specific aspects of the Trust's administration.
Benefit Payment Services
- We offer multiple payment options for your plan and participants with periodic and non-periodic payment's via ACH or paper check
- We routinely prepare and file regulatory reports for deposits with state and federal withholding authorities
- In addition, annual 1099R and TEFRA notices are prepared for each participant
- Online access is available for your reports and participant inquiry
Cash Management & Sweep
Our system provides the option to automatically sweep your funds' available cash balances on a daily basis into one of a variety of investment vehicles. High-quality, short-term investment vehicles include:
- Government Cash Management - This fund seeks high current income and provides the added security of a portfolio of securities issued or guaranteed by the U.S. Government, as well as select agencies and instruments
- Treasury Cash Management - This fund seeks high current income and provides the added security of a portfolio investing exclusively in treasury securities issued and guaranteed by the U.S. Government as to the timely payment of principal and interest
- Cash Management - This fund seeks high current income consistent with the preservation of capital and the maintenance of liquidity. The fund invests in a diversified portfolio of high-quality, short-term money market instruments
Fund shares can be redeemed on the same day provided instructions are received by noon Central Standard Time. All dividends are declared daily, paid monthly, and may be reinvested automatically.
NOTE: An investment in any fund is neither insured nor guaranteed by the U.S. Government and there can be no guarantee that a stable $1 share price can be maintained. Neither the market value of any fund's portfolio, nor fund shares, are U.S. Government guaranteed. Mutual funds are subject to investment risk including possible loss of principal. Mutual fund shares are not guaranteed by, are not obligations of, and are not deposits of any bank, nor are they insured by the FDIC.
Proxy Voting Service
Amalgamated Bank of Chicago's Proxy Voting Service specializes in Taft-Hartley funds. Through a strategic partnership with a leader in this highly specialized area of corporate governance, we offer our clients customized proxy voting guidelines to assist the plan trustees in fulfilling their fiduciary duty. Each plan's proxies can be voted according to their specific guidelines or the latest AFL-CIO guidelines.
Amalgamated Bank of Chicago currently acts as a Qualified Professional Asset Manager (QPAM) under ERISA. ABOC has acted as an investment manager and fiduciary for the Taft-Hartley marketplace, helping plan sponsors and their advisors by serving as an independent fiduciary and/or a QPAM with respect to certain transactions on the behalf of institutional investors.
To find out more about our Trust and Investment Services, contact your banker today. Don't yet have a banker? Click here and let us introduce ourselves.
*INVESTMENTS IN TRUST ACCOUNTS ARE NOT FDIC-INSURED, NOT BANK GUARANTEED, NOT A DEPOSIT, HAVE INVESTMENT RISK AND MAY GO DOWN IN VALUE.