Washington, D.C. (PRWEB) January 13, 2006
Fiduciary Counselors Inc., the independent fiduciary of the Trust Advisors Stable Value Plus Fund (the “Fund”), announced that yesterday the U.S. Bankruptcy Court approved the appointment of Reliance Trust Company of Atlanta, Georgia, as successor custodian for assets held in the Fund. The assets of the Fund were previously held in custody by Circle Trust Company (CTC).
On September 30, 2005, CTC, trustee and custodian of the Fund, was placed into regulatory receivership and Connecticut State Banking Commissioner John P. Burke was named as receiver. On the same day, the Fund filed a petition for voluntary bankruptcy protection in Connecticut. CTC remains the trustee of the Fund, subject to its agreement naming Fiduciary Counselors as independent fiduciary for the Fund. Reliance Trust Company is charged with the safekeeping of the Fund’s assets, books and records during the bankruptcy proceeding.
Reliance Trust Company is a subsidiary of privately held Reliance Financial Corporation and is one of the largest independent trust companies in the country with more than $25 billion in assets under management and administration. Reliance conducts business throughout the United States through its trust company and brokerage offices, investment advisory subsidiaries and insurance agency offices. For additional information about Reliance go to their website at http://www.relico.com.
For more information concerning the bankruptcy filing or other matters related to the Fund go to Fiduciary Counselors' web site at http://www.fiduciarycounselors.com.
About Fiduciary Counselors Inc.
Fiduciary Counselors Inc. is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. Since its formation in 1999, Fiduciary Counselors has acted as independent fiduciary in transactions involving plan assets totaling more than $5 billion on assignments such as managing employer stock held by 401(k) plans, ESOPs and defined benefit plans; pursuing prohibited transaction exemptions involving employer securities; approving litigation settlements in ERISA and securities class action cases; proxy voting; and collecting contributions owed by plan sponsors in bankruptcy. In the past two years, Fiduciary Counselors has acted as independent fiduciary or provided fiduciary advice to more than twenty Fortune 500 companies. Additional information about Fiduciary Counselors can be found on our web site at http://www.fiduciarycounselors.com.
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