By Pacific Island Times News Staff
ASC Trust LLC has acquired 100 percent ownership of BankGuam Holding Company's BG Investment Services Inc.
According to BankGuam Holding, the acquisition, which was finalized on April 1, was part of its efforts to streamline and enhance investment services offered by BGIS and ASC Trust.
BGIS, a subsidiary of BGHC since 2015, provides a full suite of investment advisory services to institutions and individuals throughout Micronesia.
A subsidiary of BGHC, ASC Trust was founded in 1990 and specializes in the management of retirement plans in the Western Pacific region. The company currently manages more than $1 billion in retirement assets for more than 50,000 participants.
"The acquisition of BGIS by ASC Trust represents a major milestone in our ongoing commitment to delivering comprehensive financial solutions throughout Micronesia. We are confident this move will bring greater value to customers by merging the investment advisory expertise built by BGIS and ASC Trust under a single team," said Joaquin P. L.G. Cook, president and CEO BankGuam Holding.
"We are extremely excited about the synergies and enhanced capabilities this
investment brings to both our individual clients and participants in the retirement plans our organization serves," said David J. John, chairman
and managing director at ASC Trust. "This allows us to continue to build
a team of experts, with unparalleled local knowledge, ensuring our clients receive financial guidance tailored to the specific challenges and opportunities of our region,"
Following the acquisition, the BGIS office has moved to the same location as ASC Trust in the Capitol Plaza at 120 Father Duenas Avenue, Hagatna.
