TMCnet News
Life Partners Inc. Position Holder Trust Appoints NorthStar Life Services As New Servicing Agent for Life Settlements PortfolioNorthStar Life Services, LLC, a full-service life settlement advisory firm that assists institutional and private investors with each stage of the life settlement investment cycle, has signed a five-year contract to service the life settlements portfolio on behalf of the Life Partners Inc. Position Holder Trust (LPI (News - Alert) PHT), effective November 1, 2020. "We are humbled by the LPI PHT Trustee's confidence in our firm and grateful for this exciting opportunity," said John McFarland, chief executive officer of NorthStar Life Services. "We have a strong team of dedicated professionals - with a rare combination of both qualitative and quantitative skills - that is unrivaled in our space. This puts us in a unique position to hit the ground running on November 1st and make an impact that truly benefits the Trust and its investors." McFarland noted that NorthStar's immediate focus is on building out state-of-the-art IT infrastructure and developing world-class customer service protocols to accompany the firm's robust policy administration capabilities. NorthStar replaces Magna Servicing LLC, which has been servicing the LPI PHT portfolio from a Waco, Texas office since LPI exited from bankruptcy in 2016. NorthStar is now constructing a new 4,000-square-foot office building that will accommodate the Waco team members who will providecustomer service and accounting services for the LPI PHT portfolio. "NorthStar is comprised of a highly skilled group of life settlement professionals with an executive team that has more than 80 years of combined life settlement experience," said Michael J. Quilling, the LPI PHT Trustee. "I'm confident that NorthStar will enhance the value of the portfolio and streamline operations of the Trust." Quilling reported the appointment in a May 20th filing made to the Securities and Exchange Commission and subsequent communication with LPI investors. "You will see a marked improvement in being able to contact (NorthStar) . . . and in the information they provide," Quilling told investors. "They are developing a new portal . . . which will be user-friendly and contain the information you have been seeking in an easily understood format." The new agreement builds on an existing working relationship between the LPI PHT and NorthStar. In July 2019, Quilling appointed NorthStar Capital Management LLC, an affiliate to NorthStar Life Services that is also owned by McFarland, as the LPI PHT portfolio manager. "We are committed to doing whatever it takes to ensure that LPI PHT shareholders are able to easily access up-to-date reporting information regarding their investments and to quickly obtain answers to their questions from live customer service professionals," said McFarland, a longtime member of the U.S. life settlement industry who has served as CEO of NorthStar since 2016 and purchased the company in February 2020. For more information, please visit www.northstarlife.com. About NorthStar Life Services NorthStar Life Services, LLC offers a full range of premier services to institutional and private investors in life insurance policies, providing assistance at each stage of the life settlement investment cycle. The firm manages every transaction and portfolio with a personalized solution that considers the investor's goals, budgetary requirements and risk tolerance in order to construct a strategy designed to maximize investment returns. NorthStar is a member of the Life Insurance Settlement Association (LISA) and the company's CEO, John McFarland, is a member of LISA's board of directors. View source version on businesswire.com: https://www.businesswire.com/news/home/20200629005058/en/ |
