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

Wilmington Trust, the financial services firm owned by M&T Bank, is selling its Collective Investment Trust business to a Chicago private equity firm, M&T announced today. 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.