M&T's Wilmington Trust selling investing business with $115 billion in assets

Wilmington Trust's Collective Investment Trust business will be spun off as an independent company with a new name.

M&T's Wilmington Trust selling investing business with $115 billion in assets

Wilmington Trust, the Wilmington, Delaware-based financial services firm owned by M&T Bank, is selling its Collective Investment Trust business to a Chicago private equity firm. The deal is expected to close in mid-2023. They are not mutual funds and are exempt from some of the federal regulations regarding other types of funds. It's been growing consistently, according to M&T (NYSE: MTB). The acquisition resulted in the loss of jobs for hundreds of employees and several executives were charged criminally by federal prosecutors for allegedly hiding problem. loans from investors and regulators in the wake of the 2008 financial crisis. M&T, though, added one of the larger independent wealth management platforms in the Mid-Atlantic region.