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.

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