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Laxman Pai, Opalesque Asia: Wilmington Trust, the financial services firm owned by M&T Bank, is selling its Collective Investment Trust (CIT) business to a Chicago private equity firm Madison Dearborn Partners.
The business will be spun off as an independent company with a new name, yet to be announced, owned by Madison, said a joint press release.
The provider of corporate and institutional services, Wilmington Trust - which M&T acquired in 2011 - manages about $115 billion in CIT assets for more than 550 funds across a family of about 45 subadvisors -- including AllianceBernstein, BlackRock, Franklin Templeton, MetLife, Neuberger Berman, and Raymond James.
Neither party disclosed the terms of the deal, which is expected to close by mid-2023.
"The CIT portfolio has shown tremendous growth since M&T Bank acquired Wilmington Trust in 2011," said Jennifer Warren, Senior Executive Vice President and Head of ICS. "We believe this is the natural next step in the evolution of the business and will help ensure CIT services and offerings continue to develop in ways that current and future clients will require to meet their investing needs."
"Furthermore, this transaction will enable our remaining ICS businesses to deepen their focus on clients and further optimize their products and services as ICS continues to execute its vision to become the global leader in institutional trust services," Jennifer added.
"The CIT business is an industry leader, well-respecte...................... To view our full article Click here
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