Newport Trust Explained

The Newport Trust Company is a private company whose US address is in New York City.[1] The Trust is controlled by the Newport Group, through a New Hampshire-chartered trust company.[2] The Trust controls $34 billion in Assets under management on American stock exchanges,[3] including roughly $10 billion in Boeing shares[4] and roughly $3.77 billion in shares of General Dynamics.[5] Its offices are based in Walnut Creek, California.[6]

History

In March 2019, it held significant fractions of around four dozen major American firms, with the notable exception of the IT sector.[3] Its fund distribution was most heavily weighted towards the industrial sector, followed in a 3:1 ratio with the telecommunications sector.[3]

In April 2022, Newport Trust closed a merger deal with Ascensus.[7] [8]

Notes and References

  1. Web site: Newport Trust Co: Private Company . Bloomberg L.P..
  2. Web site: Evercore Agrees to Sell Its Institutional Trust and Independent Fiduciary Business to Newport Group . PR Newswire Association LLC..
  3. Web site: Institutional Portfolio: NEWPORT TRUST CO . NASDAQ.
  4. Web site: Boeing Company (The) Ownership Summary . NASDAQ.
  5. Web site: General Dynamics Institutional Ownership 2023 (NYSE:GD) . 2023-05-10 . www.marketbeat.com . en.
  6. Web site: April 8, 2022 . Ascensus Closes Newport Merger Agreement . May 19, 2023 . Ascensus.
  7. Web site: Ascensus Scoops Up Newport Group. National Association of Plan Advisors. November 4, 2021. May 19, 2023.
  8. Web site: Barstein . Fred . 8 November 2021 . What Ascensus purchase of Newport Group means for advisers . 17 July 2024 . Investment News.

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