William Blair & Co is advising on the process, the sources said. Oak Brook, Illinois-based Millennium provides alternative custody solutions to institutions, advisers and individuals. The firm has 362,000 client accounts and $14.6 billion in total assets under custody, according to its website.
Millennium received “over 20 bids” in the first round. The auction is currently in the second round, one banker said. Bids are due this week, a second banking source said.
Millennium is a high-growth, services-oriented business that is too small for strategics, the first banking source said.
“It’s all PE,” the second banker said of the auction.
It’s unclear who is bidding. Millennium could sell for more than $200 million, the first banker said. Lower to middle-market private equity firm are seen interested in the business.
In June, UBS agreed to sell its Alternative Fund Services business to Mitsubishi UFJ Financial Group for a reported $240 million, Reuters News said.
Executives for William Blair declined comment. Millennium Trust could not be reached for comment.