(December 21 – 17: 15 ET) PWC is pleased to announce that its wholly-owned subsidiary, Pacific & Western Trust Corporation (PWT), has been granted a license to operate as a trust company in Ontario, without raising deposits in Ontario.
The license enables PWT to finalize a deal with the University of Western Ontariowhereby PWT will become the trustee for the retirement income fund assets of UWO’s retired academic and administrative staff. It is anticipated that these assets will eventually increase to approximately $200 million. This represents a significant new business initiative. PWT plans to offer this service to other Canadian universities in the new year.
In addition to its license in Ontario, PWT is licensed and raises deposits in Manitoba, Saskatchewan, Alberta, British Columbia, Northwest Territories and Nunavut. PWT has applied for a Federal Trust license in order to expand its deposit base in Ontario and eastern Canada.
-IE Staff