Wilmington (NYSE:WL)
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From Jul 2019 to Jul 2024
Wilmington Trust Corporation (NYSE: WL) announced it has completed the
all-cash acquisition of UBS Fiduciary Trust Company (UBSFTC), which
provides trust and investment management services to retirement plans
through financial advisors, from financial services company UBS Americas
Inc. Effective today, New Jersey-based UBSFTC operates as Wilmington
Trust Fiduciary Services Company, which is part of Wilmington Trust’s
Corporate Client Services (CCS) business.
This is the second acquisition Wilmington Trust has made this year in CCS’
retirement and institutional services business. In April, the company
acquired Arizona-based AST Capital Trust Company (AST), doubling the
capacity of its retirement business. As a result of both acquisitions,
Wilmington Trust now provides directed trustee, custodial, trading, and
paying agent services to more than 3,800 retirement and employee benefit
plans with more than $47 billion in assets under administration.
“This acquisition further strengthens our
position in retirement services and reflects our commitment to grow this
core business,” said Ted T. Cecala, Wilmington
Trust chairman and CEO. “We believe it
positions us well to capture opportunities for growth and further
strengthens our diverse sources of revenue.”
This transaction extends a business alliance established in 2007 through
which AST, now known as Wilmington Trust Retirement and Institutional
Services Company, handled UBSFTC’s operations.
Now, Wilmington Trust Fiduciary Services Company will continue those
duties, providing fund accounting and benefit payment services, without
disruption, to clients of the former UBSFTC. Gregory W. Tschider,
president of Wilmington Trust’s Retirement and
Institutional Services Company, will also serve as president of
Wilmington Trust Fiduciary Services Company.
Full terms of this cash transaction, which will be non-dilutive to
earnings in 2008, were not disclosed. On an annualized basis, the
transaction is expected to add $38 million of revenue and $36 million of
expense. It will also add six full-time positions to Wilmington Trust’s
staffing. This acquisition represents the third expansion initiative
completed in Wilmington Trust’s CCS business
this year. In addition to this and the AST acquisition, since July CCS
has added 14 capital markets experts who specialize in working with
distressed debt, corporate restructurings and bankruptcies, loan
administration, high-yield debt issuance, and other capital markets
transactions.
CCS is a leading provider of institutional trustee, agency, asset
management, retirement plan services, and administrative services for
clients worldwide who use capital market financing structures, as well
as those who seek to establish and maintain nexus, or legal residency,
for special purpose entities.
About Wilmington Trust
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 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.