The Beneficient Company Group Designated as Pilot for Kansas Technology Enabled Fiduciary Financial Institutions Act
New Kansas law aims to spur economic growth in the state
Company will commit capital and serve as pilot financial institution ahead of wider adoption
DALLAS, May 10, 2021 (GLOBE NEWSWIRE) The Beneficient Company Group, L.P. (“Ben”), a company serving the growing market of investors seeking liquidity for alternative assets, today announced its role as pilot under a new set of industry regulations enacted within the State of Kansas through the Technology Enabled Fiduciary Financial Institutions (TEFFI) Act. The legislation was signed into law on April 21, 2021 and will go into effect on July 1, 2021. The new law allows for the chartering and creation of trust banks known as TEFFIs, which in their capacity as fiduciaries will finance alternative assets held in Kansas trusts and provide qualified custodial and trustee services within the State of Kansas.