Massachusetts Mutual Life Insurance Company of Springfield, Mass. has announced it will form a new subsidiary called The MassMutual Trust Company.
The trust company will receive its thrift charter and begin operating as a federal savings bank by February, according to Marty McDonough, a company spokesperson. It will handle private investments only and will specialize in baby boomer's growing 401(k), IRA, investment management and estate planning needs, according to the company.
MassMutual Trust will be headquartered in Hartford, Conn. and its initial activities will focus on providing estate planning seminars in the Hartford and Springfield areas.
MassMutual has $200 billion in assets under management.