Opus Bank is making a move into the wealth services business by acquiring PENSCO, the alternative asset IRA custodian.

Opus Bank, the California-chartered commercial bank, has completed its acquisition of PENSCO Services and its wholly-owned subsidiary PENSCO Trust Company.

PENSCO has around $10.7 billion of custodial assets and over 45,000 clients, with investments in over 40,000 private equity, real estate, notes, cash and other non-exchange-traded assets.

Going forward, the firm will operate as a wholly-owned subsidiary of Opus, with Kelly Rodriques continuing as president and chief executive and joining Opus as executive vice president of wealth services.