PEWAUKEE, Wis. - Provident Investors LLC, an asset-management firm founded by a former executive of Milwaukee-based Firstar Corp., has received state approval to organize a trust company.
Max E. Grefig, one of Provident's three principals, said a state trust charter would allow it to provide services for which clients might otherwise go to a bank.
"Our primary focus has been and continues to be investment management," said Mr. Grefig. "Being able to offer trust services with that will be of benefit to many of our customers."
Provident, which opened early last year, manages about $300 million for clients with $1 million or more to invest.
