Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) has granted a charter under New York Banking Law to Equiniti Trust Company, which will operate under the trade name of EQ by Equiniti, and will exercise fiduciary powers. The principal businesses of the group allowed under this charter comprise a diverse range of activities under the fiduciary umbrella, including employee benefit trust, personal trust, corporate trust, transfer agency, securities clearance, investment management, and custodial services.

“DFS is committed to encouraging the expansion of New York State-chartered financial institutions while protecting markets and consumers,” said Financial Services Superintendent Maria T. Vullo. “As New York’s financial market is constantly growing and innovating with the use of technology, DFS is pleased to grant this new charter to Equiniti as we continue to provide strong consumer protection through regulatory oversight by DFS.”

DFS has conducted a comprehensive review of Equiniti Trust’s application, including the company’s anti-money laundering, capitalization, consumer protection, and cyber security policies. Equiniti Group, a United Kingdom-based technology and solutions provider serving blue-chip enterprises and public sector organizations, has agreed to acquire the Wells Fargo Shareowner Services (“WFSS”) business from Wells Fargo Bank, N.A.

Equiniti Group will acquire the WFSS business, through a transfer of the WFSS business and certain assets and liabilities into a New York State-chartered limited purpose trust company, now called Equinity Trust Company.  As a chartered limited purpose trust company with fiduciary powers under the New York Banking Law, Equiniti Trust can begin operating immediately and is subject to ongoing supervision by DFS.

Guy Wakeley, Group Chief Executive of the Equiniti Group and President of the Equiniti Trust Company said, “We are delighted to be basing our North American Transfer Agency business in New York State. Our decision was strongly driven by the global reputation of New York for financial services and the recognized strength of the legal and regulatory frameworks which provide clarity and comfort to clients.”

New York currently has 139 state-chartered commercial banks, savings banks and bank holding companies, 13 limited purpose trust companies, 16 state-chartered credit unions, 85 foreign branches, and 35 representative offices, with assets totaling $2.6 trillion.