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NewsJune 2009: Wilmington Trust Names President in Retirement Services Business (detail)
June 2008: Wilmington Trust to Acquire UBS Fiduciary Trust Company (detail)
May 2008: Wilmington Trust Completes Acquisition of AST Capital Trust Company (detail)
July 2007: AST Capital Trust White Paper Examines Collective Funds’ Growing Popularity (detail)
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News Media
Bill Benintende
Public Relations
302-651-8268
wbenintende@wilmingtontrust.com
| Investors and Analysts
Ellen J. Roberts
Investor Relations
302-651-8069
eroberts@wilmingtontrust.com
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Wilmington Trust Names President in Retirement Services BusinessCharles Russella to head unit in Corporate Client Services
Wilmington, DE, June 10, 2009 – Wilmington Trust announced today that it has named Charles Russella as president of Wilmington Trust Retirement and Institutional Services Company (WTRIS), which is part of Wilmington Trust’s Corporate Client Services (CCS) business.
In his new role, Mr. Russella will be responsible for overseeing all sales, marketing, and service-related activities for WTRIS’s comprehensive trust solutions. WTRIS provides trust and custody services for retirement and employee benefit plans, collective fund services, and institutional account services. Mr. Russella will report to Bill Farrell, executive vice president of Wilmington Trust and head of CCS. Mr. Russella succeeds Gregory W. Tschider, who has decided to leave the company to pursue new opportunities. Mr. Russella and Mr. Tschider came to Wilmington Trust last year through the acquisition of AST Capital Trust Company (AST), where Mr. Russella had been part of the executive management team since early 2007. Mr. Tschider will remain with Wilmington Trust through June 26.
“Charlie is a terrific leader and an accomplished veteran of the retirement services business,” said Mr. Farrell. “He has been a major part of WTRIS’s success and will help us continue to grow the business. At the same time, we thank Greg for guiding us through the process of integrating AST with Wilmington Trust and wish him well in his future endeavors.”
Mr. Russella brings more than 20 years of experience in corporate trust and retirement services to his position. Most recently he served as senior vice president and sales manager overseeing all sales and marketing activities for WTRIS. Prior to joining Wilmington Trust, Mr. Russella provided strategic leadership to a retirement benefit and investment consulting firm and served for 14 years in the retirement services business of U.S. Bank. He holds the Chartered Financial Analyst® (CFA) designation from the CFA Institute and received an MBA from the University of Detroit and a bachelor’s degree from Oakland University.
Wilmington Trust has provided trust and custody services for retirement plans for more than 60 years. Through its 2008 acquisitions of AST and UBS Fiduciary Trust Company, Wilmington Trust now acts as custodian for more than 4,000 retirement and employee benefit plans with more than $47 billion in assets. WTRIS is one of the leading providers of trust and accounting solutions serving clients with “unbundled” plans who use different providers for record keeping, asset management, and trust services.
Wilmington Trust Corporation (NYSE: WL) is a financial services holding company that provides Regional Banking services throughout the mid-Atlantic region, Wealth Advisory Services for high-net-worth clients in 36 countries, and Corporate Client Services for institutional clients in 88 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware. Wilmington Trust Corporation and its affiliates have offices in Arizona, California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam.
Chartered Financial Analyst® and CFA ® are trademarks owned by the CFA Institute.
News Release
News Media
Bill Benintende
Public Relations
302-651-8268
wbenintende@wilmingtontrust.com
| Investors and Analysts
Ellen J. Roberts
Investor Relations
302-651-8069
eroberts@wilmingtontrust.com
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Wilmington Trust to Acquire UBS Fiduciary Trust CompanySecond retirement services acquisition of 2008 strengthens market position of a core business, further diversifies sources of revenue
Wilmington, DE, June 25, 2008 – Wilmington Trust announced today that it has signed a definitive agreement to acquire UBS Fiduciary Trust Company, a New Jersey-based provider of trust and investment management services for retirement plans.
UBS Fiduciary Trust Company (UBSFTC) is being acquired from global financial services company UBS AG. It will become part of the Retirement and Institutional Services group within Wilmington Trust’s Corporate Client Services (CCS) business. The agreement represents the second acquisition this year in Wilmington Trust’s retirement services business. On April 30, 2008, Wilmington Trust completed the acquisition of AST Capital Trust Company (AST), an Arizona-based provider of directed trustee and trust administration services offered through financial advisors.
“This new addition of retirement plan assets enhances our position in an expanding marketplace and underscores our commitment to grow our core businesses,” said Ted T. Cecala, Wilmington Trust chairman and CEO. “It also creates opportunities for future growth and further strengthens our diverse sources of revenue.” Wilmington Trust Corporation Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001
Wilmington Trust has more than six decades of experience servicing retirement plans. The Retirement and Institutional Services group provides directed trustee, custodial, trading, and paying agent services to more than 3,000 retirement and employee benefit plans with more than $41 billion in assets under administration. The planned acquisition of UBSFTC will add another 800 plans and $5.5 billion in assets under administration to Wilmington Trust’s retirement services platform, bringing its totals to more than 3,800 plans and $46 billion in assets, respectively.
Through an existing business alliance, AST already serves as an outsource provider of fund accounting and benefit payment services to UBSFTC’s retirement plan clients. The trust and investment management services of the newly acquired company will continue to be available through 8,200 UBS financial advisors.
“We know USBFTC’s retirement plan business well and understand the needs of their clients,” said Greg Tschider, head of Wilmington Trust’s Retirement and Institutional Services group. “Our service delivery is based on our belief in the importance of building long-lasting relationships with our clients, and we look forward to serving all of these new Wilmington Trust clients for many years to come.”
Kevin Ruth, chairman of UBS Fiduciary Trust Company and head of Wealth Planning U.S. for UBS, said, “The sale of UBS Fiduciary Trust Company demonstrates our commitment to delivering the best client experience for the company’s plan sponsors and participants. Our clients benefit because it combines their existing UBS financial advisor with the scalable service model of AST/Wilmington Trust and is consistent with our overall qualified retirement plan open-architecture approach.”
Pending regulatory approval, Wilmington Trust expects to complete this transaction by late summer. Since AST already is performing services for UBSFTC, Wilmington Trust expects the transaction will have little effect on AST’s or Wilmington Trust’s staffing. Full terms of this all-cash transaction, which will be non-dilutive to earnings in 2008, were not disclosed.
In addition to offering retirement plan services, CCS is a leading provider of institutional trustee, agency, asset management, and administrative services for clients worldwide who use capital market financing structures, as well those who seek to establish and maintain nexus, or legal residency, for special purpose entities. The acquisition of UBSFTC follows expansion investments Wilmington Trust made in recent years to add new products and services to the CCS business and to expand CCS’ presence in Europe.
This release contains forward-looking statements that reflect Wilmington Trust’s current expectations. These statements rely on assumptions and estimates and are subject to risks and uncertainties, including the effect of potential changes in market conditions.
Wilmington Trust Corporation (NYSE: WL) is a financial services holding company that provides Regional Banking services throughout the mid-Atlantic region, Wealth Advisory Services for high-networth clients in 36 countries, and Corporate Client Services for institutional clients in 86 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware. Wilmington Trust Corporation and its affiliates have offices in Arizona, California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam.
News Release
News Media
Bill Benintende
Public Relations
302-651-8268
wbenintende@wilmingtontrust.com
| Investors and Analysts
Ellen J. Roberts
Investor Relations
302-651-8069
eroberts@wilmingtontrust.com
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Wilmington Trust Completes Acquisition of AST Capital Trust Company Deal expands Corporate Retirement Services’ market presence, capabilities
Wilmington, DE, May 1, 2008 – Wilmington Trust Corporation (NYSE: WL) announced it has completed the acquisition of AST Capital Trust Company, an Arizona-based provider of directed trustee and trust administration services offered through financial advisors to retirement plans, high-net-worth individuals and families, and institutional investors.
“This acquisition strengthens our position in the retirement plan services business, which has been an important contributor to Wilmington Trust’s success for more than 60 years,” said Ted T. Cecala, Wilmington Trust chairman and CEO. “It will also create more opportunities for growth and further strengthen our sources of revenue.”
AST Capital Trust Company will assume the Wilmington Trust name after a short period. This transaction adds more than $28 billion of assets under administration to Wilmington Trust, raising total assets under administration, including corporate and personal trust accounts, to nearly $114 billion. In the retirement services business, Wilmington Trust now provides trust, custody, trading, and paying agent services for approximately $41 billion in assets in more than 3,000 retirement plans and employee benefit plans. This transaction is expected to add approximately $27 million of revenue (annualized) and be nondilutive to Wilmington Trust’s earnings in 2008.
“We are seeing increasing demand in the retirement industry for independent and conflict-free service providers that have leading technology and extensive experience,” said Bill Farrell, executive vice president of Wilmington Trust and head of the Corporate Client Services (CCS) business. “This makes the fit between Wilmington Trust and AST Capital Trust Company ideal. AST brings strategic leadership, superior technological solutions, and strong industry networks to Wilmington Trust.”
With the closing of the acquisition, all of AST Capital Trust Company’s approximately 170 staff members have joined Wilmington Trust. Most support the retirement services business from an office in Phoenix, which remains open, and are now part of CCS. Gregory W. Tschider, former president of AST Capital Trust Company, has been named to lead Wilmington Trust’s retirement services business. He reports to Mr. Farrell. Approximately 30 AST Capital Trust Company staff members support the company’s personal trust administration business from an office in Wilmington, Delaware. This group has joined Wilmington Trust as members of the Wealth Advisory Services (WAS) business, which is headed by Mark A. Graham, executive vice president of Wilmington Trust.
“The combination of our two firms leverages our respective strengths and makes our retirement plan services business even more attractive to a growing marketplace,” said Mr. Tschider. “Together, we share a commitment to serving clients and alliance partners seeking a best-of-breed specialist in trust and custody services. We are excited about the opportunity to grow our business.”
In addition to providing retirement plan services, CCS offers a variety of trustee, agency, asset management, and administrative services for institutional clients worldwide who use capital market financing structures, as well as services for clients who seek to establish and maintain nexus, or legal residency, for special purpose entities. The AST Capital Trust Company acquisition follows expansion investments Wilmington Trust made in 2007 and 2006 to expand the CCS business in Europe and add new products and services.
Wilmington Trust Corporation (NYSE: WL) is a financial services holding company that provides Regional Banking services throughout the mid-Atlantic region, Wealth Advisory Services for high-networth clients in 36 countries, and Corporate Client Services for institutional clients in 86 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware. Wilmington Trust Corporation and its affiliates have offices in Arizona, California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, and Luxembourg.
FOR IMMEDIATE RELEASE
For Further Information:
Bill Benintende
Wilmington Trust
Vice President, Media Relations
302-651-8268
WBenintende@wilmingtontrust.comCOLLECTIVE FUNDS THE FUTURE OF 401(k)s?AST Capital Trust White Paper Examines Collective Funds’ Growing Popularity
PHOENIX, AZ, July 16 2007 – With a wealth of investment products available for retirement plans in the marketplace, one in particular is proving to be a very popular choice. According to a new white paper authored by AST Capital Trust Company, collective funds are experiencing increasing interest from defined contribution plans, including 401(k) plans.
The white paper provides an overview of collective funds and examines some of the more attractive features of collective funds, including:
Ease of Use
Many collective funds are now traded on a daily basis to meet the needs of 401(k) plans.
Operational Expenses
Cost is certainly a key factor for plan sponsors when considering funds. Since collective funds are designed for investment only by qualified plans, they are not subject to those expenses associated with servicing retail clients. Accordingly, collective funds often have lower expenses.
Increasingly Attractive Alternative to Mutual Funds
In addition to the potential for lower investment expenses, the administrative challenges associated with using mutual funds within 401(k)s, including short-term trading restrictions, redemption fees and Rule 22c-2, have contributed to plan sponsors seeking alternatives to mutual funds.
“It is no surprise that the popularity of collective funds has grown over the past few years,” says Steve Ferber, Executive Vice President of Collective Fund Services at AST Capital Trust. “They often offer institutional investors a low-cost, flexible alternative to mutual funds. With the continuing market demand for lower-fee and more flexible products, the future looks very promising for collective funds.”
In addition to operational advances, the growth in collective funds has coincided with an expansion in the capabilities of the National Securities Clearing Corporation’s Fund/SERV® platform which has enabled collective funds to be seamlessly traded, like mutual funds, in 401(k) plans.
“Institutional funds, like collective trusts and separate accounts, are increasingly popular with mid- and large-sized employers as they are significantly less expensive than mutual funds,” says Pamela Hess, Director of Retirement Research at Hewitt Associates. She adds, “A seemingly small number of basis points saved over time can lead to meaningful differences in participant savings.”
For a copy of the full white paper please email info@wilmingtontrust.comAbout AST Capital Trust CompanyAST Capital Trust Company is a Delaware State chartered trust company with operations in Wilmington, DE and Phoenix, AZ. An affiliate of American Stock Transfer & Trust Company, the country’s largest independent stock transfer company, AST Capital Trust was originally chartered in 1900. The company provides directed trustee, trust administration and back-office services to retirement plans, individuals, families, companies, foundations, organizations and financial institutions. AST Capital Trust works exclusively with professional advisors to help end-clients achieve financial goals by utilizing trust strategies and the benefits of Delaware law. AST Capital Trust is one of the largest independent trust companies in the U.S. and administers over $21 billion in trust assets. For more information please visit www.astcapitaltrust.com.
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