NU Online News Service, Jan. 10, 12:39 p.m. – The Phoenix Companies Inc., Hartford, is expanding the reach of its trust company operation and setting up a new trust services office in California.
Phoenix finished converting Phoenix Charter Oak Trust, a trust bank subsidiary with a Connecticut charter, to a national charter, Jan. 9, and renamed the subsidiary Phoenix National Trust Company.
The national charter gives Phoenix National Trust the ability to sell trust services throughout the United States. Before, the trust company faced restrictions on its ability to operate outside New England.
Phoenix National Trust products include irrevocable life insurance trusts, charitable trusts, living trusts and special needs trusts. The trust company can also provide custody, estate settlement, fiduciary tax and investment management services, Phoenix says.