DALLAS – November 29, 2021 – The Beneficient Company Group, L.P. (Ben), a leading technology-enabled financial services company serving the growing market of investors seeking liquidity and other fiduciary services for their alternative assets, today announced the effectiveness of amendments to the organizational documents of Ben and its subsidiaries, which eliminate GWG Holdings, Inc.’s (GWG) rights to appoint directors to Ben’s board and results in Ben becoming a fully independent company.
Ben and its subsidiaries will now operate under the sole direction of the Ben board of directors and management team with GWG remaining as a passive limited partner. As an independent company, Ben will have full control over the types of products and services that it provides its customers and partners and can expand its portfolio of products and services to meet customer and partner demand. The amendments also satisfy certain regulatory requirements relating to the establishment and chartering of Ben’s Technology-Enabled Fiduciary Financial Institution under the recently enacted Kansas Technology-Enabled Fiduciary Financial Institutions (TEFFI) Act.
In addition, Ben paid off its Commercial Loan Agreement with GWG by issuing common limited partnership units of Ben to GWG. As a result, Ben no longer has any outstanding debt obligations to GWG.
About Beneficient
Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors – mid-to-high net worth individuals, small-to-midsized institutions, and General Partners seeking exit options, anchor commitments, and valued-added services for their funds – with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote® tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.
Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.
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